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

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 five weeks, assessed through the following activities:

• Quizzes

• Interactive activities

• Individual presentation

• Final assignment

NUMBER OF HOURS: 60