Actuarial Work for Social Security - Guideline 11. Operational control
If a social security institution has an internal actuarial department, a regular audit of its operations is to be conducted. If a social security institution employs an external actuarial provider, the parties agree on the ways the social security institution monitors the appropriateness of the external provider’s processes.
The quality of actuarial work, including the actuarial valuation, depends on the quality of internal processes of the internal actuarial department or external provider. As such, the social security institution should ensure that the appropriate operational controls are put in place.
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