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 ACST8040, provides the opportunity for exemption from the requirements of the Actuarial Control Cycle subject under the Actuaries Institute’s Associate program. Such exemption depends on the grades attained over both subjects.

Learning Outcomes

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

1. Demonstrate an understanding of how models are used to solve client problems
2. Demonstrate an understanding of the importance of capital
3. Apply relevant approaches and techniques to the valuation of liabilities
4. Apply appropriate techniques to the pricing of products and contracts
5. Measure, report and manage solvency
6. Measure and report emerging profits and/or costs
7. Monitor and assess experience relating to actuarial problems
8. Manage the business and respond to the experience relating to actuarial problems

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

Further information on examination material will be provided to students in lecture time and on Wattle. The final assessment will be held in the exam period with details to be

advised no later than teaching Week 10 of the semester.

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 to demonstrate various aspects of the course. If you do not have access to a laptop or suitable

device for classes, please see the course convener as soon as possible.

The 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 ensure they have access to this textbook. Please contact the course convenor if you do not have access to this textbook and an e-copy can be made available. 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	Introduction & Modelling	Understanding Actuarial Management textbook (UAM) Chapter 9
2	Modelling	UAM Chapter 10
3	Experience Analysis	UAM Chapter 17
4	Liabilities	UAM Chapter 12, Online quiz available
5	Liabilities	UAM Chapter 16.3
6	Capital & Solvency	UAM Chapter 11, Assignment 1 + Online quiz Due
7	Solvency	UAM Chapter 15
8	Pricing	UAM Chapter 13
9	Pricing
10	Profit	UAM Chapter 16, Assignment 2 Due
11	Manage the Business	UAM Chapter 18
12	Review

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 %	03/09/2021	03/09/2021	1,7,8
Assignment 1	10 %	03/09/2021	24/09/2021	1,7,8
Assignment 2	10 %	15/10/2021	29/10/2021	2,3,5
Final exam	80 %	04/11/2021	02/12/2021	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.

Participation

All lectures will be pre-recorded. The workshops will be conducted in a dual-delivery venue on campus, allowing students to join live through Zoom (with the entire session recorded). Consultations will be via Zoom.

Examination(s)

Centrally scheduled examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. Please check ANU Timetabling for further information.

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.

Assessment Task 2

Assignment 1

Details of task: Assignment 1 is a written individual assessment that will cover Modelling and Experience Analysis and will be released no later than two weeks before the due date. The assignment should be submitted on Wattle via Turnitin.

Value: 10.0%

Due date: Friday 3rd September at 15:00 (Week 6)

Return date: Friday 24th September

Assessment Task 3

Assignment 2

Details of task: Assignment 2 is a written individual assessment that will cover Liabilities, Capital and Solvency and will be released no later than two weeks before the due date. The assignment should be submitted on Wattle via Turnitin.

Value: 10.0%

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

Return date: Friday 29th October

Assessment Task 4

Final exam

The final examination will be a three to four hour Wattle-based online exam during the university examination period at the end of semester. It will cover the entire syllabus. It will be open book and all materials are permitted. There will be no online invigilation. The exam will be centrally timetabled and details of the final examination timetable will be made available on the ANU Timetabling website.

Value: 80%

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) submission must be through Turnitin. 

Hardcopy Submission

There is no hardcopy submission in the course.

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

Assignments will be returned via Wattle.

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