The aim of the Actuarial Control Cycle is to provide students with an understanding of underlying actuarial principles that may be applied to a range of problems and issues in commercial and business environments. Students are expected to develop a holistic approach to practical problem solving, and develop a level of judgement and professional skills required to successfully apply actuarial principles. The syllabus relates to actuarial practice both in the financial services and in other industries. Examples will be drawn from traditional and non-traditional areas to illustrate and establish the underlying actuarial principles in a problem based learning approach, using case studies and business-based examples.

This subject, in conjunction with ACST4031/8040 and ACST4033/8033, provides the opportunity for exemption from the Part II academic requirements of the Actuaries Institute. Such exemption depends on the grades attained over all three subjects.
 

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

Upon successful completion of the requirements for this course, students will be able to:

• Monitor and assess experience
• Determine an appropriate assumption set
• Apply relevant approaches and techniques to the valuation of liabilities
• Measure, report and manage solvency
• Understand the methods and implications of various approaches to profit measurement
• Understand the calculation of appraisal values
• Apply appropriate techniques to the pricing of products and contracts; and
• Manage the business and respond to the experience

Research-Led Teaching

This course covers the relevant parts of the Actuaries Institute Part II syllabus. It will be informed by current best professional practice and actuarial research using practical examples and case studies.

Examination Material or equipment

For the final exam, you will be permitted to bring in a calculator, an English dictionary if required and 2 double sided A4 sheets of paper with your own notes written on both sides. Further information will be provided to students in lecture time and on Wattle.

Required Resources

Students will be required to supply their own calculator for use during the course and in the exam.

Recommended Resources

In various weeks of this course, we will be using Microsoft Excel spreadsheets in class to demonstrate various aspects of the course. This will require you to work on these spreadsheets in class, so bringing your own laptop or suitable device to those classes is strongly recommended. This spreadsheet work also serves as preparation for some parts of the final exam, which will be held in computer labs and will involve some questions being based on spreadsheet work. If you do not have access to a laptop or suitable device for classes, please see the course convener as soon as possible.

The prescribed textbook for this course is ‘Understanding Actuarial Management: the actuarial control cycle’, second edition (2010), issued by the Actuaries Institute and the Society of Actuaries. It is recommended that students purchase this textbook. The book can be purchased from the on campus bookshop or directly from the Actuaries Institute at http://www.actuaries.asn.au/knowledge-bank/book-shop, with a small number of copies also available for 2 hour loan in the reserve loan section of Chifley Library.

Other reading and reference material will be made available on Wattle throughout the semester.

Staff Feedback

Students will be given feedback in the following forms in this course:

• Written comments
• Verbal comments
• Feedback to the whole class, to groups, to individuals, focus groups

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). The feedback given in these surveys is anonymous and provides the Colleges, University Education Committee and Academic Board with opportunities to recognise excellent teaching, and opportunities for improvement. The Surveys and Evaluation website provides more information on student surveys at ANU and reports on the feedback provided on ANU courses.

Other Information

Assessment Requirements

As a further academic integrity control, students may be selected for a 15 minute individual oral examination of their written assessment submissions.

Any student identified, either during the current semester or in retrospect, as having used ghost writing services will be investigated under the University’s Academic Misconduct Rule.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Experience Analysis	Understanding Actuarial Management textbook (UAM) Chapter 17
2	Experience Analysis	UAM Chapter 17
3	Experience Analysis	UAM Chapter 17
4	Assumption Setting	UAM Chapter 10, Online quiz available
5	Liabilities	UAM Chapter 12
6	Solvency	UAM Chapter 15, Assignment 1 + Online quiz Due
7	Solvency	UAM Chapter 15
8	Profit	UAM Chapter 16
9	Appraisal Values	UAM Chapter 16
10	Pricing	UAM Chapter 13, Assignment 2 Due
11	Pricing	UAM Chapter 13
12	Manage The Business and Review	UAM Chapter 18

Tutorial Registration

There are no tutorials for this course.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Online quiz (optional)	0 %	30/08/2019	30/08/2019	1,2
Assignment 1	10 %	30/08/2019	20/09/2019	1,2,3
Assignment 2	10 %	11/10/2019	25/10/2019	3,4
Final exam	80 %	31/10/2019	28/11/2019	1-8

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Misconduct Rule before the commencement of their course. Other key policies and guidelines include:

• Student Assessment (Coursework) Policy and Procedure
• Special Assessment Consideration Policy and General Information
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the ANU Online website Students may choose not to submit assessment items through Turnitin. In this instance you will be required to submit, alongside the assessment item itself, hard copies of all references included in the assessment item.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.

Examination(s)

Centrally administered examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. Please check ANU Timetabling for further information. Exam scripts will not be returned.

Assessment Task 1

Online quiz (optional)

An online quiz will be available for students to complete from Friday of Week 4. It will be closed on Friday of Week 6. Students will have unlimited time to complete this quiz and feedback will be provided online immediately. This is for their own learning on the first two topics of the course and has a zero weighting for assessment.

Rubric

Assessment Task 2

Assignment 1

Details of task: Assignment 1 is a written individual assessment that will cover the first two topics of the course and will be released no later than two weeks before the due date.

Value: 10.0%

Due date: Friday 30th August at 15:00 (Week 6)

Return date: Friday 20th September

Assessment Task 3

Assignment 2

Details of task: Assignment 2 is a written individual assessment that will cover topic three and four and will be released no later than two weeks before the due date.

Value: 10.0%

Due date: Friday 11th October at 15:00 (Week 10)

Return date: Friday 25th October

Assessment Task 4

Final exam

The final examination is compulsory and will be conducted in computer labs, that is, students are allowed to use Microsoft Excel to answer some questions, but the answers must be recorded in the script books provided. The Excel spreadsheets will not be marked. For the final exam, you will be permitted to bring in a calculator, an English dictionary if required and 2 double sided A4 sheets of paper with your own notes written on both sides. Further details relating to the exam will be provided closer to the scheduled date.

Value: 80%

Date: Centrally administered examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. Please check ANU Timetabling for further information. Exam scripts will not be returned.

Academic Integrity

Academic integrity is a core part of our culture as a community of scholars. At its heart, academic integrity is about behaving ethically. This means that all members of the community commit to honest and responsible scholarly practice and to upholding these values with respect and fairness. The Australian National University commits to embedding the values of academic integrity in our teaching and learning. We ensure that all members of our community understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. The ANU expects staff and students to uphold high standards of academic integrity and act ethically and honestly, to ensure the quality and value of the qualification that you will graduate with. The University has policies and procedures in place to promote academic integrity and manage academic misconduct. Visit the following Academic honesty & plagiarism website for more information about academic integrity and what the ANU considers academic misconduct. The ANU offers a number of services to assist students with their assignments, examinations, and other learning activities. The Academic Skills and Learning Centre offers a number of workshops and seminars that you may find useful for your studies.

Online Submission

The ANU uses Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. While the use of Turnitin is not mandatory, the ANU highly recommends Turnitin is used by both teaching staff and students. For additional information regarding Turnitin please visit the ANU Online website.

Hardcopy Submission

For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.

Late Submission

No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.

Referencing Requirements

Accepted academic practice for referencing sources that you use in presentations can be found via the links on the Wattle site, under the file named “ANU and College Policies, Program Information, Student Support Services and Assessment”. Alternatively, you can seek help through the Students Learning Development website.

Returning Assignments

Marked assignments will be returned as soon as they are marked, at the next available lecture time, or you will be able to collect them from the School Office on level 4 of the CBE building.

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure The Course Convener may grant extensions for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Resubmission of Assignments

Students will not be permitted to resubmit assignments.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information. In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service — including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy. If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes. Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

• ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
• ANU Diversity and inclusion for students with a disability or ongoing or chronic illness
• ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
• ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
• ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
• ANUSA supports and represents undergraduate and ANU College students
• PARSA supports and represents postgraduate and research students