ASOP 23: Data Quality


#1

A Fellowship Forums Wiki Community Post

Online Link to this Reading:
http://www.actuarialstandardsboard.org/wp-content/uploads/2017/01/asop023_185.pdf

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