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The Actuaries' Code Principle 2 - Competence and Care

Principle 2 - Competence and Care 

2.           Members must carry out work competently and with care.

2.1         Members must ensure they have an appropriate level of relevant knowledge and skill to carry out a piece of work.

2.2         Members must continue to develop their knowledge and skills in a manner appropriate for their role and comply with the Institute and Faculty of Actuaries’ Continuing Professional Development (CPD) requirements.

2.3         Members must ensure their work is appropriate to the needs and, where applicable, instructions of user(s).

2.4         Members must consider whether input from other professionals or specialists is necessary to assure the relevance and quality of work and, where necessary, either seek it themselves or advise the user to do so, as appropriate.

Users of actuarial work place a great deal of reliance on that work and the professional status of the actuary. Given the work is so specialist it can be difficult for the user to know whether a Member is competent to carry out the work they are performing. Members therefore have a responsibility to ensure they are competent to perform the work.

Find out more in our guidance on the Competence and Care Principle of the Actuaries’ Code. You can read the Guidance online, download a copy, or view the questions below which will take you to the corresponding part of the Guidance:

What is Competence?

What do you mean by competence?

How do I maintain my competence?       

Do the IFoA expect me to behave with competence and care in other roles?

Applying the principle to your work

How do I act with competence and care in my daily work?

How do I ensure I act with care when working in a new area?

I’ve been asked to take on a project but I don’t feel I have enough experience in the area. What should I do?

The scope of my project has been changed, what should I consider?

When should I seek the advice of others?

Managing Users

I am not confident that I can deliver a good standard of work for the user for the fee they are willing to pay. What should I do?

What should I do if I think the instructions for a piece of work don’t match up with what I believe the user needs?

What should I do if I don’t understand what the user needs from my work?

How do I ensure my work is suitable for the user?

 

Contact Details

For further information contact:

code@actuaries.org.uk

Regulation Team, The Institute and Faculty of Actuaries, Level 2, Exchange Crescent, 7 Conference Square, Edinburgh, EH3 8RA

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