The actuarial control cycle is a specific
business
Business is the practice of making one's living or making money by producing or Trade, buying and selling Product (business), products (such as goods and Service (economics), services). It is also "any activity or enterprise entered into for pr ...
activity which involves the application of
actuarial science to real world business problems. The actuarial control cycle requires a professional within that field (i.e., an
actuary
An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science. These risks can affect both sides of the balance sheet and require asset man ...
) to specify a problem, develop a solution, monitor the consequences thereof, and repeat the process.
[Jamshaid Islam MBA FSA FPSA; 10–11 June 2006; 'LUMS Workshop on Mathematics of Risk Management'; retrieved 4 September 2008; ] The
Society of Actuaries
The Society of Actuaries (SOA) is a global professional organization for actuaries. It was founded in 1949 as the merger of two major actuarial organizations in the United States: the Actuarial Society of America and the American Institute of Act ...
in the
US is increasingly integrating the actuarial control cycle into the examination/qualification process as a framework that helps to define actuarial projects.
References
Actuarial science
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