Guideline 41. Actuarial valuations of the social security programme | International Social Security Association (ISSA)

Introduction
Objectives of the ISSA Guidelines on Good Governance
Definition of Good Governance
Governance Framework for Social Security Institutions
Structure of the ISSA Guidelines on Good Governance
A. Good Governance Guidelines for the Board and the Management
A.1. Accountability
Guideline 1. Powers and responsibilities of the board and the management
Guideline 2. Clarity in delegated powers and responsibilities of the board and the management
Guideline 3. Political independence of the board and the management
Guideline 4. Suitability and competence of the board and the management
Guideline 5. Legal liability of the members of the board and the management
Guideline 6. Strategic planning
Guideline 7. Risk management
Guideline 8. Investment management
Guideline 9. Financial sustainability of the programmes
Guideline 10. Digital governance
Guideline 11. Performance management
Guideline 12. Internal and external systems of control
A.2. Transparency
Guideline 13. Policy on disclosure
Guideline 14. Code of conduct
Guideline 15. Communicating with stakeholders
Guideline 16. Public reports
A.3. Predictability
Guideline 17. Duties and responsibilities of members and beneficiaries
Guideline 18. Rights and privileges of members and beneficiaries
Guideline 19. Keeping stakeholders informed
Guideline 20. Consistent application of board decisions
A.4. Participation
Guideline 21. Participation of stakeholders
Guideline 22. The management of stakeholder initiatives
A.5. Dynamism
Guideline 23. Implementing rules and regulations for the legislation, policy or decree
Guideline 24. Leadership and innovation in the institution
Guideline 25. Responding to the evolving needs of the public and a changing environment
B. Guidelines for Specific Areas in Social Security Administration
B.1. Strategic Planning
Guideline 26. Initiating the strategic planning process
Guideline 27. Development of a vision statement
Guideline 28. Strategy formulation
Guideline 29. Strategy implementation
Guideline 30. Strategy diagnosis and performance review
B.2. Risk Management
Guideline 31. Risk management framework
Guideline 32. Process model
Guideline 33. Identifying, analysing and evaluating risks
Guideline 34. Preparing risk management plans
Guideline 35. Communicating and monitoring risks
B.3. Internal Audit of Operations
Guideline 36. The internal audit charter
Guideline 37. Communication between the internal auditor and the actuary
Guideline 38. Performance assessment and quality assurance
Guideline 39. Implementation and management of audit findings
B.4. Actuarial Assessment of Financial Sustainability
Guideline 40. Actuarial measures of the financial sustainability of a social security programme
Guideline 41. Actuarial valuations of the social security programme
Guideline 42. Changes in contribution rates and benefit entitlements to restore financial sustainability
Guideline 43. Investment performance and benchmarks
B.5. Enforcing the Prudent Person Principle in Investment Management
B.5.1. Guidelines for institutions with internal investment units
Guideline 44. Prudent person principle
Guideline 45. Investment policies
Guideline 46. Due diligence
Guideline 47. Valuation of the investment portfolio
Guideline 48. External safekeeping measures
B.5.2. Guidelines for institutions with external fund managers
Guideline 49. Selection process for external fund managers
Guideline 50. Alignment of incentives
Guideline 51. Custody of investment assets
B.5.3. Guidelines for institutions with representation on boards of companies
Guideline 52. Objectives of representatives on boards of companies
B.6. Prevention and Control of Error, Evasion and Fraud in Contributions and Benefits
Guideline 53. Prevention and control of error, evasion and fraud in contributions and benefits
B.7. Service Standards for Members and Beneficiaries
Guideline 54. Providing quality social security services to members and beneficiaries
Guideline 55. Social security services, information and communication technologies, and internet-based technologies
B.8. Human Capital Policies: Development, Retention and Succession
Guideline 56. Recruitment, selection and promotion policies
Guideline 57. Performance appraisals of personnel
Guideline 58. Development and training
Guideline 59. Talent management and retention
Guideline 60. Succession planning
Guideline 61. Personnel morale, compensation policy and decent work
Guideline 62. Promoting corporate values
B.9. ICT Governance
Guideline 63. ICT governance framework
Guideline 64. Strategic goals of ICT application
Guideline 65. Innovations based on ICT and emerging technologies
Guideline 66. Total life-cycle costs of ICT products and services
Guideline 67. Standard policies and procedures for ICT investments and contracting
Guideline 68. Ex-post evaluation of ICT investments
Guideline 69. ICT risks and the continuity of the social security services
Acknowledgements

Legislation, policy or decree should ensure the conduct of regular actuarial valuations of the social security programmes to assess and monitor financial sustainability.

ISSA Guidelines:

Good Governance

ISSA Guidelines:

Good Governance

Good Governance -
Guideline 41. Actuarial valuations of the social security programme

Good Governance - Guideline 41. Actuarial valuations of the social security programme

Good Governance -
Guideline 41. Actuarial valuations of the social security programme