Process Improvements

The importance of processes

Processes are at the heart of everything we do as actuaries: from data collection and processing, through assumption setting and modelling, to the production of results, reporting and MI. Good processes are key for a well-functioning company. Everything we do as actuaries is executed via processes.

What makes a good process?

Good processes are :

• Fast and efficient enabling rapid production of results and up-to-date MI for senior management whilst minimising the amount of resource required

• Robust and Error free enabling a high level of confidence in results and avoiding rework, particularly at critical times in reporting processes

• Geared towards the end users' needs ensuring that the output is appropriate and provides the best value to stakeholders

• Auditable Automated reconciliations and checks facilitates sign-off. Facilitating auditor review and sign-off, often saving money on audit fees as well as good ratings

• Well documented and easy to maintain avoiding key man dependencies and ensuring they are kept up-to-date

How can we help you improve?

Developing good processes always starts with understanding your business needs. The "best" process for you may not necessarily be the fastest or the most automated. We would then, depending on your precise needs, consider the following actions:

• Review your processes and models and provide recommendations for improvements

• Streamline existing tools and models, such as reducing the number of spreadsheets or model instances

• Automate existing processes or build new tools and processes to replace them (Ivy's personal record for streamlining and automating together was to reduce a 3-week 6-man process down to less than a day for two people)

• Design control systems around any manual processes which remain

• Implement robust error checking systems and process monitoring

• Propose potential changes in operational structure, or changes to ownership of certain tasks or hand-offs

• Improve documentation for existing processes as well as updating for any process improvements

• Carry out training where a lack of knowledge and understanding has been identified