The aim of the Actuarial Control Cycle is to provide students with an understanding of underlying actuarial principles that may be applied to a range of problems and issues in commercial and business environments. Students are expected to develop a holistic approach to practical problem solving, and develop a level of judgement and professional skills required to successfully apply actuarial principles. The syllabus relates to actuarial practice both in the financial services and in other industries. Examples will be drawn from traditional and non-traditional areas to illustrate and establish the underlying actuarial principles in a problem based learning approach, using case studies and business-based examples.

This subject, in conjunction with ACST4031, provides the opportunity for exemption from the requirements of the Actuarial Control Cycle subject under the Actuaries Institute’s Associate program. Such exemption depends on the grades attained over both subjects.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

1. Demonstrate an understanding of the importance of capital;
2. Apply relevant approaches and techniques to the valuation of liabilities;
3. Apply appropriate techniques to the pricing of products and contracts;
4. Measure, report and manage solvency;
5. Measure and report emerging profits and/or costs;
6. Monitor and assess experience relating to actuarial problems; and,
7. Manage the business and respond to the experience relating to actuarial problems.

Research-Led Teaching

This course will be informed by current best professional practice and actuarial research using practical examples and case studies.

Examination Material or equipment

Students will be required to supply their own calculator for use during the exam. Further information on examination material will be provided to students in lecture time and on Wattle. The final assessment will be held in the exam period with details to be advised no later than teaching week 10 of the semester.

Recommended Resources

In various weeks of this course, we will be using Microsoft Excel spreadsheets to demonstrate various aspects of the course. If you do not have access to a laptop or suitable device for classes, please see the course convener as soon as possible. The textbook for this course is ‘Understanding Actuarial Management: the actuarial control cycle’, second edition (2010), issued by the Actuaries Institute and the Society of Actuaries. It is recommended that students ensure they have access to this textbook. Other reading and reference material will be made available on Wattle throughout the semester.

Staff Feedback

Students will be given feedback in the following forms in this course:

• written comments
• verbal comments
• feedback to whole class, groups, individuals, focus group etc

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Introduction and Experience Analysis	Understanding Actuarial Management textbook (UAM) Chapter 17
2	Experience Analysis	UAM Chapter 17
3	Experience Analysis	UAM Chapter 17
4	Liabilities	UAM Chapter 12, Online quiz available
5	Liabilities	UAM Chapter 16.3
6	Capital & Solvency	UAM Chapter 11, Assignment 1 Due and Online quiz Due
7	Solvency	UAM Chapter 15
8	Pricing	UAM Chapter 13
9	Pricing
10	Profit	UAM Chapter 16, Assignment 2 Due
11	Manage the Business	UAM Chapter 18
12	Review

Tutorial Registration

There are no tutorials for this course.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Online quiz (optional)	0 %	30/08/2024	30/08/2024	6,7
Assignment 1	10 %	30/08/2024	20/09/2024	6,7
Assignment 2	10 %	11/10/2024	25/10/2024	1,2,4
Final exam	80 %	31/10/2024	28/11/2024	1,2,3,4,5,6,7

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

ANU has educational policies, procedures and guidelines , which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Integrity Rule before the commencement of their course. Other key policies and guidelines include:

• Academic Integrity Policy and Procedure
• Student Assessment (Coursework) Policy and Procedure
• Extenuating Circumstances Application
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure
• Code of practice for teaching and learning

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the Academic Skills website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.

Participation

Course content delivery will take the form of weekly on-campus lectures (recorded and available via echo360 on Wattle) and weekly on-campus workshops (also recorded), all delivered on campus. There will also be some pre-recorded material which students should view before classes. Consultations will be via Zoom.

Examination(s)

The final examination will be a three hour on-campus invigilated exam. Centrally scheduled examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. Please check ANU Timetabling for further information.

Assessment Task 1

Online quiz (optional)

An online quiz will be available for students to complete from Friday of Week 4. It will be closed on 30th of August. Students will have unlimited time to complete this

quiz and feedback will be provided online immediately. This is for their own learning on the first two topics of the course and has a zero weighting for assessment.

Assessment Task 2

Assignment 1

Details of task: Assignment 1 is a written individual assessment that will cover Experience Analysis and will be released no later than two weeks before the due date. The assignment should be submitted on Wattle via Turnitin. Feedback will be given to the whole class by Week 8. There is a 5 page limit on the assignment with a 10% reduction in mark if this page limit is exceeded - more details will be provided in class closer to the date. No extensions are available for this assessment. In addition, students will also have the opportunity to speak with the tutor or lecturer and seek comments about their individual performance in the assignment.

Value: 10.0%

Due date: Friday 30th August at 15:00

Return date: Friday 20th September

Assessment Task 3

Assignment 2

Details of task: Assignment 2 is a written individual assessment that will cover Liabilities, Capital and Solvency and will be released no later than two weeks before the due date. The assignment should be submitted on Wattle via Turnitin. Feedback will be given to the whole class by Week 12. There is a 5 page limit on the assignment with a 10% reduction in mark if this page limit is exceeded - more details will be provided in class closer to the date. No extensions are available for this assessment. In addition, students will also have the opportunity to speak with the tutor or lecturer and seek comments about their individual performance in the assignment.

Value: 10.0%

Due date: Friday 11th October at 15:00

Return date: Friday 25th October

Assessment Task 4

Final exam

The final examination will be a three hour on-campus invigilated exam with a mix of short and long answer questions. The final exam will be held during the exam period with details to be advised no later than teaching week 10 of the semester. It will cover the entire syllabus. It will be open book.

Value: 80%

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.

The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.

The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.

 

The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.

Online Submission

You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.

Hardcopy Submission

There is no hardcopy submission in the course.

Late Submission

No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.

Referencing Requirements

The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material. Any use of artificial intelligence must be properly referenced. Failure to properly cite use of Generative AI will be considered a breach of academic integrity.

Returning Assignments

Assignments will be returned via Wattle.

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Resubmission of Assignments

Students will not be permitted to resubmit assignments.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.

Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

• ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
• ANU Accessibility for students with a disability or ongoing or chronic illness
• ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
• ANU Academic Skills supports you make your own decisions about how you learn and manage your workload.
• ANU Counselling promotes, supports and enhances mental health and wellbeing within the University student community.
• ANUSA supports and represents all ANU students