Actuarisk, studio attuariale, valutazione attuariale, IAS19, TFR, valutazione attuariale TFR, modelli predittivi, valutazione rischio, attuario, enterprise risk managment Actuarisk - servizi attuariali risk management
IAS VALUATIONS

Actuarial valuations based on accounting priciples IAS19 of employee defined-benefit obligations, IAS37 of provisions, contingent liabilities and other IAS-IFRS valuation services

RISK MANAGEMENT

Risk management process outsourcing and internal audit system procedures 

DATA ANALYSIS

Forecast model development, stresstest and backtest

IAS VALUATIONS

TFR IAS19

Valuation of employee defined-benefit obligation (Trattamento di Fine Rapporto T.F.R.) based on international accounting standard IAS19 Employee Benefits upon EU Regulation nr. 475/2012 IAS 19 revised. Such act modifies Regulation EC nr. 1126/2008 to adopt international accounting standard IAS 19 following Regulational EC nr. 1606/2002. 

IAS 19 TFR valuations are signed by certified actuaries based on EU Regulation nr. 475/2012. 

IAS 19 TFR valuation criteria meet requirements issued by Ordine degli Attuari (Actuary Association), recommendations by Organo italiano di Contabilità (Italian Accounting Organisation), Associazione Bancaria Italiana (Italian Bank Association) and Assirevi (Italian Auditor Association).

For information and cost estimates on actuarial IAS valuations : info@actuarisk.com

ISC IAS37 

Valuations of IAS37 provisions and contingent liabilities including agent supplementary indemnity provisions for client portfolio (Indennità Suppletiva di Clientela ISC and Indennità Meritocratica). IAS37valuations are performed with a proprietary actuarial model that is used by public financial institutions.

Model application follows an in-depth evaluation in collaboration with company managment including analysis of business model, legal details of agent agreements, integrative benefits, 

For information and cost estimates: info@actuarisk.com

IAS/IFRS valuation structured process 

Step 1

Gathering of client requirements, such as:

valuation delivery date,

sensitivity analysis needs,

corporate activities affecting valuation,

required data and transfer alternatives.

Step 2

Data in electronic format transfer from client and supporting evidence from receipt from payroll consultant.

In case of previous IAS valuations, assumptions and results are required.

Step 3

Data consistency and logic analysis with respect to process standards. 

Delivery to client of statistics data summary (active employees, severed employees, current severance liabilitiies, ....) for statutory accounts reconciliation.

Step 4

Determination of future payroll variations based on elaborations of past evidence and company expectations.

In discussions with client any payroll variations affecting valuation are analysed. 

Step 5

Liability definition via proprietary actuarial sofware application. 

Sensitivity analysis with respect to major assumptionsi. 

Delivery to client of final evaluation for IAS accounts.

RISK MANAGEMENT

RISK MANAGER OUTSOURCING

ActuaRisk performs in outsourcing the Risk Manager tasks for Asset Management Companies, Pension Funds, Insurance and Reinsurance Companies, Health Organisations and Internal Audit System management.

The tasks are outsourced to professionals meeting all knowledge, good repute and independence requirements, as defined by the Economic Development Ministry in accordance with Insurance Supervision Institute (IVASS). 

Internal Audit System management is supported by the adoption of an online platform encompassing procedures and controls.

INTERNAL PROCEDURES OUTSOURCING 

ActuaRisk offers, also in integration with Risk Manager task,  ICS - Internal Control System, an outsourcing service encompassing internal rules organised in processes, enriched with controls, risk indices and mitigation actions.

The platform manages acitivites of diverse players, Board of Directors, Control Committes, Auditors, organisation structures. 

Such system allows for full compliance with IVASS and Banca d'Italia and also provides "proof of use" according tol Organisation, Management and Control Model upon law DL 08/06/2001 nr. 231.

SOLVENCY II

SOLVENCY II SERVICES

SCR calculation

SCR calculation, data integration, QRTs  and XBRL generation,  internal reporting, full audit trail 

ORSA risk assessment

risk identification, input  organised by risk owners, Insurance company risk profile, self-evalution aggregation

Added Services

Risk tolerance limits, control managment, capital planning and forecast, scenario and SCR values simulation.

info@actuarisk.com

ACTUARY ROLE OUTSOURCING

Actuarisk performs in outsourcing la Actuary Role (Art. 30-sexies of D_lgs 12/05/2015 nr.74 Actuation Regulation 2009_138_CE Solvency II) providing a certified actuary registered in the Acturary Association according to law 09/02/1942, nr. 194

TECHNICAL PROVISIONS REPORT

ActuaRisk edits technical actuarial reports for the Board of Directors and for Auditors both according to statutory accounting proinciples and Solvency II principles.

The report highlights valuations, procedures and performed controls together with calculation assumptions according - Art. 35-bis Tools of risk management system on technical reserves of D_lgs 12 maggio 2015 n.74.

For informazioni about indipendent opinion on technical reserves both according to civil law and Solvency II criteria: info@actuarisk.com

ORSA EFFICIENCY 

Analysis to improve the total solvency level through activities and tools for risk mitigation and/or actions on products, financial tools or reinsurance agreements.

INSURANCE PRODUCT PRICING 

ActuaRisk edits technical actuarial reports of insurance P&C and life products for insurance companies, auditors, authorities, IVASS. 

We perform valuations on insurable risks, on premium calculations assumptions, on expected profitability, on balanced tariffs according to Art. 30-novies - Tools of risk management system on tariffs D_lgs 12 maggio 2015 n.74 .

Product reports are based on Solvency II directive and IDD in adoption.

For information about specialistic support to make internal documentation compliant with Normativa di Vigilanza: info@actuarisk.com  

SOLVENCY II - INTERNAL MODEL

APPROVAL APPLICATION OF INTERNAL MODEL 

Support to application for internal model compliance according to law (articoli 46-no- vies, 46-decies, 46-undecies, 46-duodecies, 46-terdecies, 46-quaterdecies). 

We have experience with large multinational groups.

INTERNAL MODEL PERIODIC VALIDATION

Validation of correct working, continuous adeguacy to specifications and comparison of outcomes to experience data (46-terdecies - Standard di convalida).

Periodic validation of internal model includes, in addition to usage test, the following: 

Adequacy test of probability distribution with respect both to past experience and new data and information. 

Model stability analysis with variation of the underlying assumptions.

Valuation of accuracy, completeness, adequacy of data used in the internal model.

INFORMATION TECHNOLOGY SYSTEM VALIDATION 

Validation of risk profile in case of migration to new IT systems. 

DATA QUALITY 

Validation of calculation processes and data chain with respect to Data Quality.

OPERATIONAL RISK

ActuaRisk assists banks, investment funds, insurance companies, reinsurers in the correct implementation of operational risk monitor and assessment system.

The system outcome structure is personalised on corporate business model and IT system. It will identify risk determinants affecting the distribution tails of losses and, for some parameters, will allow for comparisons with market.

Operational risk solutions implemented for investment funds and insurance companies refer to Basel 2 Standards. In the bank industry (Banca d’Italia Circolare n.263) the solutions have an Event Type approach, tuning adequately their detail levels (few insufficient events, too many events excessively dispersed), are based on high quality data, integrated with adequate reporting, periodic monitoring with business process indicators so as to implement mitigation actions.

For information and cost estimates: info@actuarisk.com

IVASS REQUESTS

ACTIVITY PLAN

Development of activity plans to be transmitted to IVASS in case of extension to other branches and in case of participation, even with controlling power, in other companies. Activity plan include information such as: description of risks to be underwritten, reinsurance agreements, next three year forecast with solvency ratio, solvency equity requirements, minimum equity requirements.

FOREIGN COMPANIES 

ActuaRisk assists foreign companies on applications to IVASS to operate in Italy. 

Support to accounts and technical reserve filings.   

LOCAL COMPANIES 

ActuaRisk assists local companies on applications to IVASS for authorisations.

Support to accounts and technical reserve filings.

DATA ANALYSIS

PREDICTIVE MODELS and ALGORITHMS

CLUSTER ANALYSIS

For the creation of effective predictive models and algorithms some distinctive elements are rquired, such as: 

- excellent  Data Mining activity joint with cluster analysis 

- definition of quantitative drivers consisten with business objectives 

- time effective stochastic solutions . 

ActuaRisk, based on client requestsdi, translates the available data in adequate information to generate simulations able to identify action strategies with higher success likelyhood.

Systematic utilization of predictive models reduces time-to-market and maximises the expected return, focusing development and sale activities upon products or product mix and correct pricing. 

ActuaRisk creates predictive models and algorithms on corporate databases  or external databases transforming data analysis in immediate value added.

Practical examples of stochastic applications: 

- pricing of insurance policies; 

- pricing of additional services; 

- customer clustering for promotional campaigns; 

- commercial trend identification; 

- sale business plan definition; 

- business plan profitability. 

A predictive modle uses historical data, current information, enterpreneur intuitions. To build a predictive model, meaningful relationships among observed variables are discovered. Those relationships are used to identify the likeliest future trends. Credibility factors are associated and thereafter stochastic scenarios are generated so as to simulate interdependencies and obtain the likeliest solutions.

Future economic  event estimation is the core compence of the actuarial profession - actuaries usually deliver estimates - in insurance modeling and othe risk management applications. This is why, ActuaRis, thanks to its sofisticated statistic compentences integrated with deep undestanding of sale dynamics of financial/insurance products, can transform business needs into a quantitative predictive solution through a continuous understanding process, research, test and stochastic simulations. ActuaRisk involves business experts and translated indicators into key success factors and utilises forecast models with key drivers in short and medium terms. 

For information and contacts: info@actuarisk.com 

Work with us

Contacts

Where we are

P.IVA 06222900968