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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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Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • Spaces available

    The importance of biodiversity for finance, business and policy is being increasingly recognised. While many studies highlight the overall economic impact that biodiversity loss could have, it is much more difficult to quantify and understand the particular impact that is may have on individual businesses or communities. The management and measurement of these risks is a field where actuaries are well placed to contribute.

  • Spaces available

    The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.

  • GIRO 2021 Webinar Series

    Online
    8 November 2021 - 19 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas and new research across the general insurance sector.

  • Spaces available

    This is a free webinar with an expert panel providing their views on the ongoing IFoA consultation for proposals regarding changes to the regulatory framework on climate change and sustainability.

    The regulatory consultation sets out, for feedback some proposed approaches that the IFoA are considering in relation to charter commitments under the UK’s Green Finance Education Charter (GFEC) and the regulatory framework, including the Actuaries’ Code.

  • Life 2021 Webinar Series

    Online
    22 November 2021 - 26 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas, and new research across the Life insurance sector.

  • Spaces available

    The role of actuaries within the health sector varies considerably from one country to another, due to differences in the local evolution of health systems and the funding models for health services. 

  • Spaces available

    Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.
     

  • The Many Faces of Bias

    2 December 2021

    Spaces available

    This webinar looks at the many types of biases, both conscious and unconscious and the impacts they can have in the workplace.  Raising our own awareness and understanding of the issues can help us avoid the pitfalls of unconscious bias in particular.  We’ve all heard the phrase ‘office banter’ but are we sure that’s how those on the receiving end perceive it and is it ok to go along with it?