The Actuarial Process is the fundamental framework upon which the Modeling the Future Challenge is built. It extends your mathematics and science knowledge into the world of data analysis and risk management. To be great at navigating the choppy waters of the future, you must be great at managing risks. No matter what your interests or career aspirations, you’ll want to understand how the actuarial process can be used anytime you’re in a situation where you need to make a decision involving uncertain outcomes. Following the Actuarial Process will help you become successful at identifying, characterizing, and managing risks in all aspects of your life, no matter your interests or career.
The Actuarial Process is a 5-step framework, similar to the scientific method, that lays out the core structure of how to successfully identify, analyze, and manage risks.