Kevin’s piece earlier this week raised the issue of the Institute of Actuaries ‘putting things right’.
In that spirit, we publish our letter to the Institute sent in August, concerning the governance over the voodoo ERM valuation project that it sponsored with the ABI.
The whole point is that the IFoA/ARC must demonstrate its quality assurance, as opposed to asking that interested outside parties take their word for it when they tell us that the assurance process was done correctly but won’t give out any concrete details. After all, if the quality assurance is good, then there is no good reason to withhold the evidence that leads to that conclusion. Otherwise, the IFoA/ARC leave themselves open to the criticism that there is no actual assurance, no transparency and no accountability.
We are not holding our breath.