BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//AKTUARVEREINIGUNG ÖSTERREICHS (AVÖ) - ECPv6.17.4//NONSGML v1.0//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
X-WR-CALNAME:AKTUARVEREINIGUNG ÖSTERREICHS (AVÖ)
X-ORIGINAL-URL:https://avoe.at
X-WR-CALDESC:Veranstaltungen für AKTUARVEREINIGUNG ÖSTERREICHS (AVÖ)
REFRESH-INTERVAL;VALUE=DURATION:PT1H
X-Robots-Tag:noindex
X-PUBLISHED-TTL:PT1H
BEGIN:VTIMEZONE
TZID:Europe/Vienna
BEGIN:DAYLIGHT
TZOFFSETFROM:+0100
TZOFFSETTO:+0200
TZNAME:CEST
DTSTART:20250330T010000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:+0200
TZOFFSETTO:+0100
TZNAME:CET
DTSTART:20251026T010000
END:STANDARD
BEGIN:DAYLIGHT
TZOFFSETFROM:+0100
TZOFFSETTO:+0200
TZNAME:CEST
DTSTART:20260329T010000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:+0200
TZOFFSETTO:+0100
TZNAME:CET
DTSTART:20261025T010000
END:STANDARD
BEGIN:DAYLIGHT
TZOFFSETFROM:+0100
TZOFFSETTO:+0200
TZNAME:CEST
DTSTART:20270328T010000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:+0200
TZOFFSETTO:+0100
TZNAME:CET
DTSTART:20271031T010000
END:STANDARD
END:VTIMEZONE
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20260911T100000
DTEND;TZID=Europe/Vienna:20260911T120000
DTSTAMP:20260909T095229Z
CREATED:20260909T095229Z
LAST-MODIFIED:20260909T095229Z
UID:10000692-1789120800-1789128000@avoe.at
SUMMARY:Professional Judgment and its Relevance for Solvency II and IRRD
DESCRIPTION:The amended Solvency II and the IRRD (Insurance Recovery and Resolution Directive) will become applicable as of 30 January 2027. They will extend the scope of actuarial work considerably.\nWhile basic actuarial tasks remain unchanged\, additional requirements will need the involvement of actuaries.  The choice of appropriate scenarios for the medium- and long-term analysis of e.g. climate and sustainability risks and macroprudential concerns will constitute a new challenge. The determination of assumptions and methodologies used to model development over time horizons of more than 15 years requires a deep knowledge of undertaking’s business and strategy. Adhering to established professional standards can improve quality and increase the reliability of the outcomes. \nProfessional judgment by actuaries has been addressed in Actuarial Notes published by the Actuarial Association of Europe (AAE) in 2022 and the International Actuarial Association (IAA) in 2025.  Both documents aim to clarify the difference between expert judgment and the professional judgment exercised by actuaries. \nExpert judgment is based on specific training\, knowledge\, experience and expertise. In addition\, professional judgment has to take into account standards of professionalism\, including the profession’s Code of Conduct. An actuary is thus bound by standards set by the actuarial profession which encompass also ethical principles. \nBesides presenting an overview of these Actuarial Notes\, this web session aims to illustrate where professional judgment is required under Solvency II and the IRRD and how it can substantiate management decisions. \n\nProfessional judgment – overview of the Actuarial Notes\n“Current” requirements related to the calculation of technical provisions and the SCR\nChoice and analysis of appropriate scenarios\n\nProfessional judgment is a decisive component of both Solvency II and the IRRD. As a first step\, the web session aims to present an overview of the Actuarial Notes on professional judgment published by the AAE (2022) and the IAA (2025). \nAs a next step\, the requirements for professional judgment included in both frameworks will be presented. These will range from the calculation of technical provisions to the appropriate choice and analysis of medium- or long-term scenarios for the assessment of ESG- or sustainability risk. \nThe role and application of professional judgment will be discussed.
URL:https://avoe.at/event/professional-judgment-and-its-relevance-for-solvency-ii-and-irrd-2/
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
END:VCALENDAR