https://www.soa.org/sections/modeling/modeling-newsletter/2021/april/mp-2021-04-campbell/
From my article:
If nothing else, having a checklist to go through while working on modeling can help you make sure you don’t miss anything. Hey, ASB, make some handy-dandy sticky note checklists we can stick on our monitors to ask us:
3.1 Does our model meet the intended purpose?
3.2 Do we understand the model, especially any weaknesses and limitations?
3.3 Are we relying on data or other information supplied by others?
3.4 Are we relying on models developed by others?
3.5 Are we relying on experts in the development of the model?
3.6 Have we evaluated and mitigated model risk?
3.7 Have we appropriately documented the model?
ASOP 56 has been in effect since October 2020 for U.S. actuaries… might behoove y’all to review it.
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