Our mission statement is focused on the needs of the users of actuarial information. Over the last two years we have focused on developing a set of standards (the TASs) that are intended to make users more able to rely on the information they receive. Over the next 12 months we will consolidate our progress by investigating how (or whether) our standards are helping to ensure actuarial information is more reliable and meeting users’ needs better, and by continuing to promulgate the standards and promote their use. We will do this through a programme of engagement with users as well as with practitioners and other stakeholders.
Objectives
Over the next 12 months our objectives will be:
Users’ needs
1. The BAS understands how actuarial information can be improved to meet the needs of users.
2. Users understand what they should expect from actuarial information.
3. The BAS enables users to make good use of actuarial information and engage with practitioners.
4. The BAS has an established process for obtaining feedback on actuarial work from users, taking appropriate action and communicating the results back to users and other stakeholders.
Develop and promulgate standards
5. The BAS understands how the TASs are affecting users and practitioners.
6. Users are aware of the TASs.
7. Practitioners are familiar with and comply with the TASs.
8. The BAS has a set of standards and other documents that are fit for purpose.
9. The BAS contributes to the development of international actuarial standards, including those supporting Solvency II, so that they are principles based, outcome focused, and directed towards the needs of the users of actuarial information.
Promote the use of our standards
10. Users and other bodies, such as regulators, trade bodies, investors and trade bodies, require the use of TASs for more actuarial work, and practitioners adopt the TASs more widely.
Work streams
We aim to achieve these objectives through following a number of separate work streams, focused on three groups of stakeholders (users, practitioners and regulators), the standards and related documents, and research projects and accounting matters.
1. Users
a. Attend and present at meetings.
b. Hold workshops and individual meetings.
c. Develop website resources.
2. Practitioners
a. Attend and present at meetings.
b. Hold workshops and individual meetings.
c. Develop website resources.
d. Obtain compliant reports.
3. Regulators
a. Hold liaison meetings.
4. Standards
a. Funeral plans TAS.
b. S&A and TAS housekeeping.
c. GN housekeeping.
d. TM1.
e. International.
5. Research
6. Accounting for pensions and insurance
These work streams are described in more detail in Appendix A.
Most of the work streams are not specific to any one actuarial field of work or TAS and serve a number of objectives. These work streams will however be managed by actuarial area, and the intention is that their outputs will be considered by the relevant Standing Committee. The Committees will also be able to give useful guidance on how the activities should be focused.
Interactions
Many of the work streams will interact with each other. For example, the feedback from meetings with users and practitioners will assist us in identifying topics for focused discussions and web resources, and the results of the research projects may be used to provide web resources.
