Actuarial Control Cycle

Submitted by: Nonhlanhla Mugova - South Africa

Our actuarial control cycle needs to evolve to handle the more complex problems in the complex world we live in. I am proposing updating our actuarial control cycle to incorporate the iceberg model; a systemic thinking guide. By explicitly incorporating systemic thinking tool into our actuarial control cycle, this will create the culture across all actuaries (qualified and aspiring) to think systemically when solving problems, to invest sufficient time in solving the problems from the core roots. Solving complex problems like climate change, social inclusion and diversity, require us as actuaries to incorporate more systemic thinking into our problem-solving toolbox.