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

Vikram, a Fellow actuary at a Bengaluru insurer, is asked by the Appointed Actuary to complete a valuation sign-off by Friday. On Wednesday he realises that, because he accepted extra tasks from several teams, he cannot complete the work to the standard he considers professionally adequate by Friday. Which course of action is most consistent with the Actuaries' Code and good time management?

Vikram should tell the Appointed Actuary promptly, explain the constraint, and agree a revised scope, deadline or additional resource. Early honest communication protects work quality and integrity, whereas cutting checks, hiding the delay or passing sign-off to a junior would breach professional standards.

  1. AComplete it by Friday anyway, cutting the checks and documenting nothing
  2. BTell the Appointed Actuary promptly, explain the constraint, and agree a revised scope or deadline or extra resourceCorrect
  3. CSay nothing and submit late on Monday, hoping the delay goes unnoticed
  4. DAsk a junior to sign off the valuation so the deadline is met
  5. Withdraw the other teams' tasks without telling them

Explanation

Professionalism requires competent, careful work and honest communication. Raising the problem early lets the deadline, scope or resources be renegotiated. Cutting checks, concealing delay or passing sign-off to a junior would compromise quality and integrity.

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