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Data (Main Uses [I R SAFA SEE PM] or [ME'S A IFRS APE] (Investment,…
Data
Main Uses [I R SAFA SEE PM] or [ME'S A IFRS APE]
Investment
Risk Management
Statutory Returns
Administration
Financial Control
Accounting
Setting Provisions
Experience Statistics
Experience Analyses
Premiums Rating
Marketing
Sources of Data [TRAINERS]
Tables
Reinsurers
Accounts
Internal and industry
National statistics
Existing products
Regulatory returns
Similar products
Checks on Data
Use of Accounting data
Statement of Financial Position
Statement of Cash Flows
Income Statement
Asset Data
Cross check investment management reports
Check individual asset listings
Assertions to be examined [EVAC]
Existence and holding of Asset or Liability
Allocate expenditure to correct periods
Complete data with no unrecorded assets or liabilities
Value of the asset or liability is appro
Assertion checks
[SAT BDSM CAMP]
Member Numbers
Benefits and premiums
Movement data checked against accounts
Date validity
Contributions and benefit levels consistent
Previous investigation checked against
Asset income data consistent with the books
Third party asset owners checked with
Audit for certain assets
Spot check records
Shareholdings consistent start and end period
Data Quality
Ensure good quality
Proposal Form
Claim form
Use risk classification to reduce heterogeneity
Issues
Poor Management control of data
Poor design of data systems
Industry Wide Data
Data not precisely comparable
Operate in different locations
Policies may be different
Sales methods differ
Different practices
Nature of data stored differs
Targeted socioeconomic groups vary
Coding used for risk factors may vary
Other problems
Data less detailed
Out of date
Poor quality data
Not everyone contributed
