ASOP 56 - Modeling

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.


Reading ASOPs? It’s not December yet :judge:


Well, if you’re modeling and not following ASOP 56, I’m calling the ABCD on you!

You’ll have to catch me first!!

going to guess most actuaries fail on 3.7

My, uh, company has a solution for this :tfh:.

I do a great MRM demo ftr.

I put a lot of work into this one, actually.

Meep has several copies near the toilet . . .

1 Like

from a different org: