This video discusses the importance of identifying model risk in actuarial work. It explains the potential adverse outcomes due to inaccuracies or errors in models and emphasizes the need for actuaries to regularly review and manage these risks. It provides a step-by-step guide on how to identify model risk, making it a valuable resource for actuaries at all career stages.
Contributors: Chris Onken, FSA, MAAA; Fiona Fan, FSA, MAAA; Emilia Bruera, FSA; Jon Forster ASA, MAAA