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IAI Actuarial Core Principles · Business Management · Mission, business strategy, teamwork and time management

Karan, a senior actuary in Hyderabad, is asked by his chief actuary to finish a statutory valuation sign-off in 2 days. He also has a team development session planned and a non-critical internal presentation. He realises he cannot do all three well without compromising the valuation. Which response is most consistent with the Actuaries' Code and good prioritisation?

Karan should prioritise the statutory valuation, postpone or delegate the lower-priority tasks, and promptly inform affected stakeholders. This protects the quality and integrity of high-stakes work, consistent with the Actuaries' Code, whereas cutting checks or delegating without review would risk poor professional standards.

  1. AGive the valuation priority, postpone or delegate the other tasks, and tell the affected stakeholders promptlyCorrect
  2. BDo all three quickly and accept reduced checking on the valuation
  3. CSkip the valuation checks to keep the other two commitments
  4. DCancel all commitments silently and tell nobody
  5. Pass the valuation to a junior without review to keep his other commitments

Explanation

Statutory work carries the greatest consequence and regulatory deadline, so it takes priority. Lower-priority commitments should be rescheduled or delegated with timely communication. Reducing checks or delegating without review risks the quality and competence the Code expects.

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