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 ACST4032/8041 and ACST4033/ACST8033 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:

• Discuss and apply an actuarial control cycle in a variety of practical commercial situations
• Relate the main features within the general environment to medium and long-term commercial decisions
• Analyse the main features of the financial services marketplace including products and distribution channels
• Examine the need for, and impact of, regulation and government policy on medium and long-term commercial decisions
• Recognise the importance of capital
• Understand and apply an enterprise risk management framework to identify and assess the risks in a range of situations
• Select and build an appropriate model to solve client problems
• Discuss and apply the process of product design
• Apply the tests of professionalism

Research-Led Teaching

This course will be informed by practical examples and case studies of relevance to professional and research issues currently faced by the profession.

There will also be several guest speakers throughout the course. These speakers have many years of experience and professional practice and their presentations will address key aspects of the learning outcomes.

Examination Material or equipment

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

Required Resources

Students will be required to supply a calculator. In addition, in various weeks of this course, we will be using excel spreadsheets in class to demonstrate features of modelling. This will require you to work on these spreadsheets in class, so bringing your own laptop to those classes is essential. 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 for those classes, please see the course convenor as soon as possible.

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

Recommended Resources

The recommended textbook for this course is ‘Understanding Actuarial Management: the actuarial control cycle’, second edition (2010), issued by the Institute of Actuaries of Australia and the Society of Actuaries. This textbook is available from the University Co-op bookstore, or directly from the Actuaries Institute at http://www.actuaries.asn.au/knowledge-bank/book-shop.

Staff Feedback

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

·        Following the mid-semester examination, feedback will be given to the whole class about the general performance on the exam.

·        In addition, students will have an opportunity to look over their script-book following both the mid-semester and final examinations.

·        Students will also have the opportunity to speak with the lecturer and seek comments from the lecturer about their individual performance in the assignments.

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

Scaling

Your final mark for the course will be based on the raw marks allocated for each of your assessment items. However, your final mark may not be the same number as produced by that formula, as marks may be scaled. Any scaling applied will preserve the rank order of raw marks (i.e. if your raw mark exceeds that of another student, then your scaled mark will exceed the scaled mark of that student), and may be either up or down.

Support for Students

The University offers a number of support services for students. Information on these is available online from http://students.anu.edu.au/studentlife/

Class Schedule

Week/Session	Summary of Activities	Assessment
1	The Control Cycle; General Environment Textbook reading: chapters 1 and 5
2	General Environment; Financial Services Marketplace Textbook reading: chapter 4
3	Financial Services Marketplace
4	Financial Services Marketplace
5	Regulation Textbook reading: chapter 7	Assignment 1 due: Friday 29 March
6	Capital Textbook reading: chapter 11	Mid-Semester Exam (Week 6 or 7)
7	Enterprise Risk Management Textbook reading: chapters 2 and 6	Mid Semester Exam (Week 6 or 7)
8	Enterprise Risk Management; Modelling Textbook reading: chapter 9
9	Modelling
10	Modelling; Product design Textbook reading: chapter 8
11	Product design	Assignment 2 due: Friday 24 May
12	Professionalism Textbook reading: chapter 3

Tutorial Registration

Tutorial signup for this course will be done via the Wattle website. Detailed information about signup times will be provided on Wattle or during your first lecture. When tutorials are available for enrolment, follow these steps:

1.      Log on to Wattle, and go to the course site

2.      Click on the link “Tutorial enrolment”

3.      On the right of the screen, click on the tab “Become Member of…..” for the tutorial class you wish to enter

4.      Confirm your choice

If you need to change your enrolment, you will be able to do so by clicking on the tab “Leave group….” and then re-enrol in another group. You will not be able to enrol in groups that have reached their maximum number. Please note that enrolment in ISIS must be finalised for you to have access to Wattle.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Assignment 1	5 %	29/03/2019	05/04/2019	1-3
Mid Semester Exam (Optional and Redeemable)	20 %	01/04/2019	03/05/2019	1-5
Assignment 2	5 %	24/05/2019	31/05/2019	1-7
Final Exam	70 %	06/06/2019	04/07/2019	1-9

* 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)

The course includes formal examination through a mid-semester and final examination as described above.

Further details relating to these exams will be provided closer to the time of each respective examination.

Assessment Task 1

Assignment 1

The details of Assignment 1 including the topic, and the word limit and other requirements, will be made available on Friday 22 March.

This will count for 5% of your final grade for this course.

It will be due by 1pm on Friday 29 March.

 

Assessment Task 2

Mid Semester Exam (Optional and Redeemable)

The mid-semester exam will be 1.5 hours in length, plus 15 minutes of reading time.

This will count for 20% (redeemable) of your final grade for this course, and will be held in Week 6 or 7 of semester.

You will be permitted to bring in a calculator, an English dictionary if required, plus 2 A4 sheets of paper with your own notes written on them.

Further information will be provided to students in lecture time and on Wattle.

 

The mid-semester examination is optional and redeemable. This means that your final raw grade will be the greater of:

10% from {assignments} + 20% from {mid semester exam} + 70% from {final exam}; or

10% from {assignments} + 90% from {final exam}.

Assessment Task 3

Assignment 2

The details of Assignment 2 including the topic, and the word limit and other requirements, will be made available on Friday 17 May.

This will count for 5% of your final grade for this course. It will be due by 1pm on Friday 24 May.

 

Assessment Task 4

Final Exam

The final exam will be 3 hours in length, plus 15 minutes of reading time.

This will count for 70% or 90% of your final grade for this course.

You will be permitted to bring in a calculator, an English dictionary if required, plus 2 A4 sheets of paper with your own notes written on them. Further information will be provided to students in lecture time and on Wattle.

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

You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) as submission must be through Turnitin.

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