According to a Canadian Institute of Actuaries (CIA) press release, north of the border there has been created an external entity to oversee actuarial standards:
Established by the CIA, the [Actuarial Standards Oversight Committee (ASOC)] has been given the role of overseeing the activities of the Actuarial Standards Board (ASB), the body responsible for the adoption of actuarial standards of practice in Canada. Both the ASB and the ASOC have been created by the CIA as independent bodies empowered with mandates for developing actuarial standards of practice and overseeing the standard-setting process.
This new model for the development and adoption of actuarial standards of practice was designed by the CIA as a proactive step to meet its stated objective of serving the public interest. The model also aims to respond to increased expectations for accountability and transparency in the new business environment.
According to ASOC Chairperson John Solursh, “The creation of the ASOC recognizes that the process for the development and review of actuarial standards should stand up favourably to public scrutiny and be independent of personal, commercial and employer/client conflicts and pressures.”
Transparency and sunshine are always good things, but why does this smell like mostly just an extra layer of bureaucracy to be dealt with?