A common risk classification system for the Actuarial Profession

Paul John Marcel Klumpes; Patrick Kelliher; David Wilmott; Jay Vij

doi:10.1017/S1357321712000293

A common risk classification system for the Actuarial Profession

Paul John Marcel Klumpes, Patrick Kelliher^*, David Wilmott, Jay Vij

^*Corresponding author for this work

Research output: Contribution to journal › Journal article › Research › peer-review

Abstract

Risk terminology varies from organisation to organisation, and actuaries working in different organisations may use different terms to refer to the same risk, or use the same nomenclature for completely different risks. This paper sets out a classification system developed by the Risk Classification Working Party for the Profession that can be used as a common reference point for discussing risk. Actuaries will not be required to use this system, but it is hoped that common terminology will reduce the possibility of confusion in discussing risks.

Original language	English
Journal	British Actuarial Journal
Volume	19
Issue number	1
Pages (from-to)	91-121
Number of pages	31
ISSN	1357-3217
DOIs	https://doi.org/10.1017/S1357321712000293
Publication status	Published - 2013
Externally published	Yes

Keywords

actuarial
risk classification
system

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title = "A common risk classification system for the Actuarial Profession",

abstract = "Risk terminology varies from organisation to organisation, and actuaries working in different organisations may use different terms to refer to the same risk, or use the same nomenclature for completely different risks. This paper sets out a classification system developed by the Risk Classification Working Party for the Profession that can be used as a common reference point for discussing risk. Actuaries will not be required to use this system, but it is hoped that common terminology will reduce the possibility of confusion in discussing risks.",

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AU - Vij, Jay

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AB - Risk terminology varies from organisation to organisation, and actuaries working in different organisations may use different terms to refer to the same risk, or use the same nomenclature for completely different risks. This paper sets out a classification system developed by the Risk Classification Working Party for the Profession that can be used as a common reference point for discussing risk. Actuaries will not be required to use this system, but it is hoped that common terminology will reduce the possibility of confusion in discussing risks.

KW - actuarial

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KW - system

U2 - 10.1017/S1357321712000293

DO - 10.1017/S1357321712000293

M3 - Journal article

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SP - 91

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JO - British Actuarial Journal

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A common risk classification system for the Actuarial Profession

Abstract

Keywords

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