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, 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. Discuss and apply an actuarial control cycle in a variety of practical commercial situations;
2. Relate the main features within the general environment to medium and long-term commercial decisions;
3. Analyse the main features and risks of financial products and contracts, from the point of view of consumers and providers;
4. Demonstrate an understanding of enterprise risk management;
5. Apply a risk assessment framework to identify and assess the risks in a range of situations;
6. Discuss and apply the process of product design; and,
7. Demonstrate an understanding of how models are used to solve client problems.

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.

Examination Material or equipment

The final exam will be held during the exam period with details to be advised no later than teaching week 10 of the semester

Required Resources

Various reading and reference material will be made available on Wattle throughout the semester. Some use of Excel will be made for the Modelling section of the course.

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. Details for accessing the digital version of the textbook will be provided on Wattle. A copy is also available on 2-hour loan from the University library.

Staff Feedback

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

·        Following each assignment, feedback will be given to the whole class about the general performance on each assignment.

·        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
3	Financial Services Marketplace Textbook reading: chapter 4
4	Financial Services Marketplace	Assignment 1 due: Friday 18 March
5	Financial Services Marketplace
6	Regulation Textbook reading: chapter 7
7	Enterprise Risk Management Textbook reading: chapters 2 and 6
8	Enterprise Risk Management
9	Enterprise Risk Management	Assignment 2 due: Friday 6 May
10	Product design Textbook reading: chapter 8
11	Modelling Textbook reading: chapter 9	Assignment 3 due: Friday 20 May
12	Modelling and Summary

Tutorial Registration

Tutorials will be available on campus, live through scheduled Zoom sessions and as recorded videos. Information regarding enrolments for these options will be provided on Wattle no later than week one of the semester.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Assignment 1	4 %	18/03/2022	25/03/2022	1,2
Assignment 2	8 %	06/05/2022	13/05/2022	1,2
Assignment 3	8 %	20/05/2022	27/05/2022	1-6
Final exam	80 %	02/06/2022	30/06/2022	1-7

* 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 Academic Integrity . In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.

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. Workshops/tutorials will be available on campus, live through scheduled Zoom sessions and as recorded videos.

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

Assignment 1

The details of Assignment 1 including the topic, and the word limit and other requirements, will be made available on Friday 11 March.

This will count for 4% of your final grade for this course.

It will be due by 4pm on Friday 18 March.

 

Assessment Task 2

Assignment 2

The details of Assignment 2 including the topic, and the word limit and other requirements, will be made available on Friday 29 April.

This will count for 8% of your final grade for this course.

It will be due by 4pm on Friday 6 May.

Assessment Task 3

Assignment 3

The details of Assignment 3 including the topic, and the word limit and other requirements, will be made available on Friday 13 May.

This will count for 8% of your final grade for this course.

It will be due by 4pm on Friday 20 May.

 

Assessment Task 4

Final exam

The final exam will be held during the exam period with details to be advised no later than teaching week 10 of the semester.

This will count for 80% of your final grade for this course.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. At its heart, academic integrity is about behaving ethically, committing to honest and responsible scholarly practice and upholding these values with respect and fairness.

The ANU commits to assisting all members of our community to 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 be familiar with the academic integrity principle and Academic Misconduct Rule, 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 Academic Misconduct Rule is in place to promote academic integrity and manage academic misconduct. Very minor breaches of the academic integrity principle may result in a reduction of marks of up to 10% of the total marks available for the assessment. The ANU offers a number of online and in person services to assist students with their assignments, examinations, and other learning activities. Visit the Academic Skills website for more information about academic integrity, your responsibilities and for assistance with your assignments, writing skills and study.

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 are no hardcopy submission for this 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. Extensions may be granted 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