ASOP 23: Data Quality


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Key Takeaways:

  • This is a short paper that provides guidance to ensure that the data used by actuaries is appropriate for their work
  • There are a number of factors that must be considered when selecting the data, such as appropriateness, reasonableness, data limitations, and cost/benefits of alternative data
  • Any limitations in the data must be disclosed
  • The actuary must make a professional judgment about the quality of the data, and the extent to which it should be used