Guideline 12. Independent expert review | International Social Security Association (ISSA)

Introduction
Scope and Objectives
Structure of the ISSA-ILO Actuarial Guidelines
Supporting Material
A. Valuation of Social Security Schemes
Guideline 1. The need for carrying out actuarial valuations
Guideline 2. Data
Guideline 3. Assumptions
Guideline 4. Valuation methodology
Guideline 5. Valuation model
Guideline 6. Microsimulation for social security programme analysis
Guideline 7. Determining the value of the social security scheme’s assets
Guideline 8. Reconciliation
Guideline 9. Uncertainty of results
Guideline 10. Reporting
Guideline 11. Operational control
Guideline 12. Independent expert review
Guideline 13. Following the recommendations of the operational audit and independent expert review
B. Operational Management of Social Security Systems
Guideline 14. Determination of benefit entitlements
Guideline 15. Determination of actuarial factors
Guideline 16. Determination of rate of return to be credited to provident fund accounts and the resulting financial implications
Guideline 17. Determination of rate of return to be credited to notional accounts and resulting financial implications
Guideline 18. Supervision of individual funded accounts
Guideline 19. Determination of rate of conversion of lump sums to income
Guideline 20. Automatic adjustment mechanisms
C. Investment Issues
Guideline 21. Investment governance
Guideline 22. Taking into account liabilities in the investment process
Guideline 23. Investment management processes
Guideline 24. Input into the valuation of assets and benefit calculations
Guideline 25. Investment reporting
D. Reporting, Communication and Disclosure
Guideline 26. Communication between board members, management and the actuary
Guideline 27. Reporting process considerations
Guideline 28. The social security institution’s responsibilities with respect to actuarial reporting and communication of changes in scheme’s provisions
Guideline 29. Technical and non-technical communication of actuarial information
E. Risk Management and Analysis
Guideline 30. Risk management framework
Guideline 32. Measurement of risk
Guideline 33. Mitigation of risk
Guideline 34. Actuarial input into the understanding of catastrophic risk
Guideline 35. Actuarial input into the management of scheme risks
Guideline 36. Actuarial input into the management of operational risks faced by the social security institution
F. Regulatory Issues, Standards and Professional Guidance
Guideline 37. Compliance with regulatory requirements
Guideline 38. Compliance with actuarial standards
Guideline 39. Compliance with accounting standards
Guideline 40. Compliance with requirements of national and international statistical reporting
Guideline 41. Other professional standards and guidance
G. Policy and Strategy Issues
Guideline 42. Social security principles and minimum benchmarks established by ILO standards on social security
Guideline 43. Designing a new or changing an existing social security scheme
Guideline 44. Valuation and costing of a social security system
Guideline 45. Funding policy, financing approach and financing considerations
Guideline 46. Sustainability considerations
Guideline 47. Benefit adequacy
Guideline 48. Coverage
Guideline 49. Implications of changes and reforms in benefits and financing
H. Actuarial Expertise, Staffing and Training within the Social Security Institution
Guideline 50. Independence of the actuary
Guideline 51. The choice between the use of external or internal actuarial expertise
Guideline 52. Qualifications
Guideline 53. Staffing and infrastructure
Guideline 54. Developing and maintaining professional expertise
Acknowledgements

A social security institution commissions on a regular basis an independent expert review of the work carried out in respect of the social security scheme valuation. The actuary responsible for the valuation fully cooperates with the independent reviewers.

Guidelines:

Actuarial Work for Social Security

Guidelines:

Actuarial Work for Social Security

Actuarial Work for Social Security -
Guideline 12. Independent expert review

Centre for Excellence

Actuarial Work for Social Security - Guideline 12. Independent expert review

Centre for Excellence

Actuarial Work for Social Security -
Guideline 12. Independent expert review