Excellence in administration

  • Guidelines:
  • Actuarial Work for Social Security

Excellence in administration

  • Guidelines:
  • Actuarial Work for Social Security

Actuarial Work for Social Security -
D. Reporting, Communication and Disclosure

A well-defined reporting process is a vital element of good governance for social security schemes. Actuarial and financial reports based on sound data, assumptions and methodology contribute to the financial sustainability of schemes. Information presented in such reports can send “early warning signals” if a scheme is experiencing difficulties; it can identify short-term and long-term trends that have a potential to make the scheme unsustainable, and, as a result, trigger public and other stakeholder consultation regarding the sustainability of the scheme. Providing clear and accessible information also improves public confidence in a social security scheme and is likely to reinforce public and political support.

Communication through a formal reporting process as well as through other channels is an important component of actuarial work. The social security institution, together with the input of actuaries, should ensure a robust reporting and communication process with accurate, relevant and timely information. This part should be read in conjecture with the ISSA Guidelines on Communication by Social Security Administrations.