Actuarial Capabilities Framework
The Actuarial Capabilities Framework outlines the core skills members need to practice as an actuary. It forms the basis of our qualification and CPD programs, and ensures relevance to current and emerging areas of practice.
Eight capabilities across one framework
1. Contribution to Business Strategy (CB)
The understanding of context and need for reassessment, followed by the generation and assessment of ideas, strategy and modelling, through to the explanation, promotion and selling of the strategy to ensure implementation.
2. Leadership (L)
The demonstration of leadership in deriving some or all of self, others, business or thinking at a high strategic level.
3. Actuarial Approach to Problem Solving (PS)
The employment of an holistic approach utilising technical knowledge, skills and judgment to enable valued advice and authoritative comment to be provided to stakeholders.
4. Valuing Uncertain Future Cash Flow (VF)
The provision of reasoned, relevant and justifiable projected cash flows and the application of professional judgment in analysis, communication, reporting, monitoring and advising clients.
5. Risk Management (RM)
The application of a broad, proactive approach to the development and improvement of a client's risk culture, ensuring the strong engagement of the Board and senior management. This also includes the systematic development, implementation and promotion of policies, processes and support at all levels for the defined risk framework.
6. Professional Governance (PG)
The adoption of professional approaches and practices required to provide actuarial advice, while maintaining currency of own capability and contributing to the development of the profession.
7. Product Development, Management and Pricing (PD)
The demonstration of product management, development and pricing which incorporates and balances stakeholders needs, commercial realities, the external market, sales and marketing consistency, financial objectives and risk management.
8. Investment Advice and Governance (IA)
The provision of documented, demonstrated advice on management and development of investment portfolios, including consideration of investment objectives, market knowledge, asset liability modelling, Strategic Asset Allocation and communication with stakeholders.
The complete Actuarial Capabilities Framework is available for members in the member portal .
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Capability tools in the member portal
CPD requirements
CPD compliance
To maintain high levels of expertise and professional standards, members are required to complete 100 points of Continuing Professional Development (CPD) each calendar year, including 5 Professionalism points. This is set out in Professional Standard 1: Continuing Professional Development (PS1).
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