Skip to content

IAI Actuarial Core Principles · Business Management · Characteristics of a profession and the Actuaries' Code

Ananya, an actuary, is asked at a social event by a client's competitor about the client's confidential pricing data she has seen at work. Which professional characteristic is most directly engaged, and what should she do?

The characteristic engaged is confidentiality. Ananya should not disclose the client's pricing data unless the client authorises it or the law requires it. Giving approximate figures would still breach the duty, and transparency or competitor status does not justify disclosure.

  1. ACompetence; she should share only approximate figures
  2. BConfidentiality; she should not disclose the information unless legally required or authorisedCorrect
  3. CIndependence; she should share it because the competitor is also a client of the industry
  4. DAccountability; she should share it to show transparency
  5. Continuing development; she should take a course before answering

Explanation

Confidentiality of client information is a standard professional duty. Disclosure is allowed only with authority or where law requires. Sharing approximate figures is still disclosure, and the other characteristics are not the ones engaged.

Did you get it right without looking?

One question tells you little. A timed set on Characteristics of a profession and the Actuaries' Code shows your real accuracy, how long you take and where you lose marks.

Practise Characteristics of a profession and the Actuaries' CodeFree diagnostic mock

More Characteristics of a profession and the Actuaries' Code questions