ACTUARIAL WORK FOR SOCIAL SECURITY. ISSA GUIDELINES, KNOWLEDGE-SHARING AND INNOVATION

DESCRIPTION The course used the ISSA/ILO Guidelines on Actuarial Work in Social Security as a framework for assessing challenges and identifying innovations. The course emphasized on (1) valuation of social security schemes: definition, aims and responsibilities of the actuary, (2) operational management: key phases and role played by the actuary, (3) investment: main financial and investment issues; management of reserve funds and investment governance, (4) reporting, communication and disclosure: their role in good governance, (5) risk management and analysis: definition of a risk management framework and the role of actuaries, (6) Regulatory issues, standards and professional guidance: the importance of compliance with national requirements and impacts on social security institutions, (7) policy and strategy issues: design, implementation and operation of social security schemes and (8) actuarial expertise, staffing and training: principles, conditions and requirements of actuaries; actions to train actuaries. OBJECTIVES The training objectives of the course were to: • Understand core approaches to improvement of actuarial work based on international best practice; • Identify roles and responsibilities of actuaries in the field of social security; • Utilise the ISSA/ILO Guidelines as a framework for improvement of actuarial work within national social security institutions; • Develop country-tailored innovations drawing on experience from other countries. CONTENT • Core Area 1: Valuation of social security schemes • Core Area 2: Operational management of Social security schemes • Core Area 3: Investment Issues • Core Area 4: Reporting, communication and disclosure • Core Area 5: Risk management and analysis • Core Area 6: Regulatory issues, standards and professional guidance • Core Area 7: Policy and strategy issues • Core Area 8: Actuarial expertise, staffing and training within the Social Security Institution ACHIEVEMENT The course consisted of a number of modules offered online through the eCampus and face-to-face at the ITCILO over a period of six weeks, assessed through the following activities: • Quizzes • Interactive activities • Individual presentation • Final assignment NUMBER OF HOURS: The Actuarial Work for Social Security. ISSA Guidelines, knowledge-sharing and innovation course consisted of 60 hours of learning.