Model Governance (ISAP 1A) The application of a set of procedures and an – organizational structure designed so that intended users can place their confidence in the results of the model. Model Risk (ISAP 1A) The risk that, due to deficiency in the model or in its use, an – intended user of the results of the model will draw an incorrect conclusion from those results. Opinion (ISAP 2, 3) An opinion expressed by an and intended by that to be relied – upon by the . Principal (ISAP 1, 2, 3) The party who engages the provider of . The will usually be – the client or the employer of the . Professional Judgment (ISAP 1, 2, 3, 5) The judgment of the based on actuarial – training and experience. Report (ISAP 1, 2, 3, 5) The (s) presenting some or all results of to an in any – ’s recorded form, including but not limited to paper, word processing or spreadsheet files, website(s), slide presentations, or audio or video recordings. Report Date (ISAP 2) The date on which the issues a to . It usually follows the . – Reporting Entity (ISAP 3) As defined by the IASB in paragraph 8 of – Framework for adopted in April 2001: the Preparation and Presentation of Financial Statements, “an entity for which there are users who rely on the financial statements as their major source of financial information about the entity.” Scenario Test (ISAP 5) A process for assessing the impact of one possible event or – several simultaneously or sequentially occurring possible events on an financial position. Social Security Program (ISAP 2) A program with all the following attributes – regardless of how it is financed and administered: Coverage is of a broad segment, or all, of the population, often on a compulsory or automatic basis; Benefits are provided to, or on behalf of, individuals; The program, including benefits and financing method, is prescribed by ; The program is not financed through private insurance; Program benefits are principally payable or delivered upon old age, retirement, death, disability, and survivorship, and the following benefits (if provided) are only ancillary to the principal benefit(s): Unemployment benefits; Medical expenses; Benefits provided due to work-related injuries, work-related death or occupational diseases; Short term social assistance benefits (e.g. food stamps); Benefits provided for disaster relief (e.g. insurance, or recovery
Model Governance (ISAP 1A) – The application of a set of procedures and an organizational structure designed so that intended users can place their confidence in the results of the model. Model Risk (ISAP 1A) – The risk that, due to deficiency in the model or in its use, an intended user of the results of the model will draw an incorrect conclusion from those results. Opinion (ISAP 2, 3) – An opinion expressed by an and intended by that to be relied upon by the . Principal (ISAP 1, 2, 3) – The party who engages the provider of . The will usually be the client or the employer of the . Professional Judgment (ISAP 1, 2, 3, 5) – The judgment of the based on actuarial training and experience. Report (ISAP 1, 2, 3, 5) – The ’s (s) presenting some or all results of to an in any recorded form, including but not limited to paper, word processing or spreadsheet files, website(s), slide presentations, or audio or video recordings. Report Date (ISAP 2) – The date on which the issues a to . It usually follows the . Reporting Entity (ISAP 3) – As defined by the IASB in paragraph 8 of Framework for the Preparation and Presentation of Financial Statements, adopted in April 2001: “an entity for which there are users who rely on the financial statements as their major source of financial information about the entity.” Scenario Test (ISAP 5) – A process for assessing the impact of one possible event or several simultaneously or sequentially occurring possible events on an financial position. Social Security Program (ISAP 2) – A program with all the following attributes regardless of how it is financed and administered: Coverage is of a broad segment, or all, of the population, often on a compulsory or automatic basis; Benefits are provided to, or on behalf of, individuals; The program, including benefits and financing method, is prescribed by ; The program is not financed through private insurance; Program benefits are principally payable or delivered upon old age, retirement, death, disability, and survivorship, and the following benefits (if provided) are only ancillary to the principal benefit(s): Unemployment benefits; Medical expenses; Benefits provided due to work-related injuries, work-related death or occupational diseases; Short term social assistance benefits (e.g. food stamps); Benefits provided for disaster relief (e.g. insurance, or recovery
4_ProposedGlossary_MUonED_ISAPs1A_and_5_18Aug2016.docx