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Institute of Actuaries of Australia seeks CAS Members to Review New Edition of Understanding Actuarial Management

01/28/2009 — The Institute of Actuaries of Australia (IAAust) is seeking CAS members to review chapters of the new edition of Understanding Actuarial Management (UAM) as they are developed in the coming months. The IAAust would like actuaries from the CAS to be part of this process to ensure that the book adequately meets the needs of actuaries studying and working in property and casualty in the U.S. and other countries. Each chapter which is expected to be about 10,000 words in length, would need to reviewed within a three-week timeframe in February through May with comments being submitted to the editors to be included with their editorial comments in feedback to the authors.

Understanding Actuarial Management, originally published in 2003, was written both as a textbook for Part II of the Australian actuarial qualification and as a worldwide handbook for anyone wishing to understand the “actuarial control cycle.” The book comprises a series of chapters written by different authors, and will be edited by a team of three actuaries based in Australia, the U.S. and the U.K.

The Society of Actuaries has since adopted UAM as a major textbook for its Fundamentals of Actuarial Practice (“FAP”) course, which is the equivalent of Part II. The U.K.’s CA1 (Actuarial Risk Management) course covers similar material, which corresponds roughly with Aim 9 of the International Actuarial Association’s syllabus. The CAS will introduce the actuarial control cycle concept with the implementation of the 2011 syllabus.

As well as bringing it up to date with regard to traditional actuarial work, this updating project is intended to make the textbook more globally applicable, as well as introducing newer areas of actuarial practice. The intention is to publish the new updated book in November this year.

This review work would be recognized by acknowledging the reviewer’s contribution to the process in the published book.

Any CAS member interested in volunteering should contact:

    Carol Dolan
    Actuarial Education Consultant
    Institute of Actuaries of Australia
    Level 7, Challis House, 4 Martin Place
    Sydney NSW 2000

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