2016 American Academy of Actuaries. All rights reserved. May not be reproduced without express permission. ADDITIONAL LIABILITY ASSUMPTION OVERVIEW
|
|
- Tracy Owen
- 5 years ago
- Views:
Transcription
1 2016 American Academy of Actuaries. All rights reserved. May not be reproduced without express permission. ADDITIONAL LIABILITY ASSUMPTION OVERVIEW
2 Agenda Model Validation/Governance of Assumptions General Assumption/Margin Development Expenses and Taxes Term Life Assumptions ULSG Assumptions Case Study 2 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
3 Model Validation/Governance of Assumptions Key topics to be covered o Why it is important o General areas to consider o Initial baselining and types of deliverables o Continuation of validation controls o Best practices o Typical areas of major findings 3 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
4 Model Validation Can Create Opportunities Why should companies undertake model validation? Model validation adds credibility in the eyes of senior management Allows for a thorough understanding of the strengths and limitations of existing processes, and identifies areas of possible remediation (errors, operational risks and/or inefficiencies) Increases confidence that the results are right A parallel model build in a different platform is a more robust/stronger statement for auditors than simply reviewing a model 4 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
5 An Earnings Argument for Robust Model Validation Without Formal Model Validation and Governance Errors discovered and addressed in the course of normal operations, or operational issues discovered later Q Q1 Q2 Q3 Q Q1 Q2 Q3 Earnings without Errors Earnings with Errors Realized over Time 5 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
6 An Earnings Argument for Robust Model Validation Sum of Errors discovered in advance and addressed via MV After Formal Model Validation and Governance Q Q1 Q2 Q3 Q Q1 Q2 Q3 Earnings without Errors Earnings with Errors Corrected in Q PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
7 What Do We Mean by Model Validation? Sensitivity testing Other types of Model Validation 7 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
8 What Do We Mean by Model Validation? Micro Validation (Technical review) Macro Validation Controls 8 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
9 Baselining A fundamental first step to ensure ongoing compliance with validation requirements Requires prioritization Much more time and resource consuming than the typical model change validation activities Advantages of centralized resources to assist with baselining: o o o o Independence Dedicated and scalable resources Knowledge of typical and best practices Experienced in developing audit approaches Broader view model interaction across model owner groups o 9 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
10 Types of Deliverables for Validation Effort Overview of Models Including: Historical use Description of key risks (product, policyholder, market, operational, etc.) Description of methodology and assumptions Data flow and process maps, including data used and labeling of controls at various stages Report on Baselining Review: Justification for plan mapping and model compression (e.g., cell structure) Review of model inputs for product specifications and assumptions Application code review for intended purposes Appropriate use of reporting output Test sample illustrations Continued Monitoring: Model change documentation with reason, impacts, technical review, fit for purpose peer review, and approvals 10 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
11 Continuation of Validation Controls A formalized process for continuing validation controls after baselining Conduct in-line with model development lifecycle Examples: Separate testing environment for model changes Roll-forward analysis via a waterfall or ladder of results Maintenance of documentation suited to each model aspect Archive of current assumptions Model change documentation with levels of peer review and acceptance: o Development o Technical Review o Testing Documentation o Peer Review o Model owner/management sign-off Process is much easier to build upon the baseline deliverables 11 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
12 Best Practices Start with models subject to highest risk o Materiality vs. complexity Baselining of all inputs, formulas, and reports is more effective than ad hoc review on a narrower scope, which can be biased in terms of focus The baseline report should stand on its own without the need to access the models (include work papers where needed) Ensure independence during the review process, but obtain buy-in on findings from model owners Cover the gaps between: o Initial generation of administration data and assumptions and inputs to the model o Model outputs to final delivery of results to stakeholders 12 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
13 Typical Areas of Major Findings Misuse of data or results delivered between different areas of the company Key risks ignored or insufficiently modeled o o Non-modeled business or features Lack of economic rate variation Unexpectedly material simplifications Model assumptions or approaches applied outside of actuarial guidelines or recommended practices Legacy practices or calculations invalidated by new events Errors in back-end processes used in support of the primary projection model 13 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
14 General Assumption/Margin Development Prudent estimate assumptions = anticipated experience + margin Company experience o Relevant o Credible Industry experience, with adjustments as needed Sensitivity testing Annual review 14 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
15 Expenses and Taxes Expenses o Valuation Manual guidance o Company/industry experience o Inflation Taxes o Premium tax o Income taxes 15 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
16 Expense Assumptions: VM Guidance IT costs/other capital expenditures o VM-20 Section 9.E.1.b: May spread certain information technology development costs and other capital expenditures over a reasonable number of years in accordance with accepted SAP... Expense basis o VM-20 Section 9.E.1.d: Shall choose an appropriate expense basis that properly aligns with actual expense (for example death benefits expenses modeled per death) 16 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
17 Expense Assumptions: VM Guidance Allocation o VM-20 Section 9.E.1.i: Use fully allocated expenses (direct costs associated with block plus allocated indirect and overhead costs per 9.E.1.l) o VM-20 Section 9.E.1.j:... Allocation method consistent across company lines of business consistent with ASOPs 17 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
18 Expense Assumptions: VM Guidance New Business o VM-20 Section 9.E.1.n: For policies sold under a new policy form... use expense factors that are consistent with expense factors... from an existing block of mature policies...) 18 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
19 Expense Assumptions: Company Experience Typically based on unit cost studies produced by the company frequently these support AAT expense assumptions Use industry data (such as SOA studies or GRET) if company experience lacking or outdated Use fully allocated expenses per VM guidance 19 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
20 Expense Assumptions: Inflation Typically based on historical national inflation data such as: o Consumer Price Index (CPI) o GDP deflator o Central bank inflation forecasts Use historical average, consider a select and ultimate approach Increase rate for margin 20 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
21 Tax Assumptions Premium tax o Typically, the state premium tax rate applicable to the product (i.e., averages around 2% for life insurance) Income taxes o Per 9.E.1.n.g, shall NOT include assumptions for federal and foreign income taxes (reserve calculations are pre-tax) 21 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
22 Term Life Assumptions Lapse rates o Level period o Shock o Post level period Conversions Post level period profits 22 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
23 Term Life Assumptions: VM Guidance Lapse rates o VM-20 Section 9.D.3.b: The company must assume that policyholders efficiency will increase over time unless the company has relevant and credible experience or clear evidence to the contrary. 23 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
24 Term Life Assumptions: VM Guidance Conversions o VM-20 Section 9.D.1.e: Reflect the likelihood that policyholder behavior will be affected by any significant increase in the value of a product option, such as term conversion privileges or policy loans. 24 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
25 Term Life Assumptions: VM Guidance Post-level period profits o VM-20 Section 9.D.6: For the calculation of the deterministic reserve, for a term life policy issued 1/1/2017 and later that guarantees level or near level premiums for more than five years until a specified duration followed by a material premium increase, or for a policy for which level or near level premiums are expected for more than five years, followed by a material premium increase, for the period following that premium increase the cash inflows or outflows shall be adjusted such that the present value of cash inflows does not exceed the present value of cash outflows. 25 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
26 ULSG Liability Cash Flow Assumptions Company assumptions: o Expenses o Credited rate strategy o Other NGE 26 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
27 ULSG Assumptions Policyholder behavior: o Premium patterns and persistency o Partial (or full) withdrawals/surrenders o Other benefit utilizations o Lapse (if secondary guarantee not in force) 27 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
28 ULSG Assumptions Required Sensitivity tests: (Section 9.D.4) i. Minimum premium scenario ii. No further premium scenario iii. Pre-payment of premiums as single premium scenarios iv. Pre-payment of premiums as level premium scenarios 28 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
29 ULSG Assumptions Considerations: o Section 9.D.1.a. is specifically directed at policyholder behavior assumptions, and indicates consideration of expectations regarding variations in anticipated policyholder behavior relative to characteristics that have a material impact on the minimum reserve. o Section 9.D.1.e. Reflect the likelihood that policyholder behavior will be affected by any significant increase in the value of a product option. 29 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
30 ULSG Assumptions Review model granularity needs Validation of total terminations Incorporation of prescribed industry lapse rates from the 2007 CIA study Approaches to setting margins 30 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
31 Additional Liability Assumption Overview Questions Break-outs 31 PBR Boot Camp: Basic Training and Beyond for PBR Implementation September 21-23, 2016
PBR MODEL GOVERNANCE CHECKLIST: Some Considerations for Practicing Actuaries
PBR MODEL GOVERNANCE CHECKLIST: Some Considerations for Practicing Actuaries 2016 American Academy of Actuaries. All rights reserved. May not be reproduced without express permission. PBR Boot Camp: Basic
More informationRelevance of Questions from past Level III Essay Exams
This document attempts to identify questions from past Level III essay exams which are still relevant in 2018. There is no guarantee that the information presented here is 100% accurate. If you have any
More informationReport to COUNCIL for decision
17 152 Title: Section: Prepared by: Olympic Pool Business Case Community & Recreation Andrew White (Community & Recreation Manager) Meeting Date: 18 May 2017 Legal Financial Significance = Medium Report
More informationBC Games Society 2016/ /19 SERVICE PLAN
2016/17 2018/19 SERVICE PLAN For more information on the BC Games Society contact: 200-990 Fort Street Victoria BC V8V 3K2 Kelly Mann, President and CEO kellym@bcgames.org or visit our website at www.bcgames.org
More informationEurope June Craig Menear. Chairman, CEO & President. Diane Dayhoff. Vice President, Investor Relations
Europe June 2016 Craig Menear Chairman, CEO & President Diane Dayhoff Vice President, Investor Relations Forward Looking Statements and Non-GAAP Financial Measurements Certain statements contained in today
More informationMississippi Prepaid Affordable College Tuition Plan Pricing Report for the 2018/2019 Academic Year
Mississippi Prepaid Affordable College Tuition Plan Pricing Report for the 2018/2019 Academic Year August 10, 2018 Board of Trustees Mississippi Prepaid Affordable College Tuition Plan 501 North West Street,
More informationMODELING CAVEATS: Risks Associated with the Construction and Use of (Actuarial) Models
MODELING CAVEATS: Risks Associated with the Construction and Use of (Actuarial) Models Ali Zaker-Shahrak, Ph.D.(Econ.), MAAA, FSA, CFA Senior Life Actuary, California Department of Insurance 2016 American
More informationIMPLEMENTATION STRATEGIES
GEORGETOWN SIDEWALK MASTER PLAN 34% of funding is dedicated to Downtown Overlay District sidewalks 28% of funding is recommended within 1/4 mile of Southwestern University 26% of funding is recommended
More informationUBS Annual Nordic Financial Services Conference Lars Aa. Løddesøl Group CFO - Storebrand
UBS Annual Nordic Financial Services Conference 2013 Lars Aa. Løddesøl Group CFO - Storebrand 1 The Storebrand Group 100% of investments assessed by sustainability criteria 2.200 employees 40.000 corporate
More informationSafety assessments for Aerodromes (Chapter 3 of the PANS-Aerodromes, 1 st ed)
Safety assessments for Aerodromes (Chapter 3 of the PANS-Aerodromes, 1 st ed) ICAO MID Seminar on Aerodrome Operational Procedures (PANS-Aerodromes) Cairo, November 2017 Avner Shilo, Technical officer
More informationAMERICAN ACADEMY OF ACTUARIES MEDICARE SUPPLEMENT WORK GROUP SUBTEAM REPORT ON LOSS RATIO CURVES FOR REDETERMINATION OF REFUND BENCHMARKS
AMERICAN ACADEMY OF ACTUARIES MEDICARE SUPPLEMENT WORK GROUP SUBTEAM REPORT ON LOSS RATIO CURVES FOR REDETERMINATION OF REFUND BENCHMARKS March 10, 2004 The American Academy of Actuaries is the public
More informationPlanning for tennis in your Local Government Area. A resource from Tennis Australia
Planning for tennis in your Local Government Area A resource from Tennis Australia Part 1 July 2016 ABOUT THIS RESOURCE This resource forms part of Tennis Australia's Local Government Engagement Program.
More informationWeb.com Completes Acquisition of Yodle Deal strengthens Web.com s portfolio of products that help small businesses compete and succeed online
Web.com Group, Inc. 12808 Gran Bay Parkway West Jacksonville, FL 32258 T: (904) 680-6600 F: (904) 880-0350 NASDAQ: WEB Web.com Completes Acquisition of Yodle Deal strengthens Web.com s portfolio of products
More informationFINANCIAL ANALYSIS. Stoby
FINANCIAL ANALYSIS Stoby INVESTMENTS AND FINANCING Investments planned over the period : Investments 2018 2019 2020 2021 Intangible assets Company creation 1 500 Web platform development 8 290 Accounting
More informationCHAIRMAN S LETTER 1 INTRODUCTION 3 2 PROFILE AEGON PROFILE REPORT SCOPE 5
CONTENTS CHAIRMAN S LETTER 1 1 INTRODUCTION 3 2 PROFILE 4 2.1 AEGON PROFILE 4 2.2 REPORT SCOPE 5 3 ECONOMIC PERFORMANCE 6 3.1. POLICYHOLDERS 6 3.2. EMPLOYEES 6 3.3. CAPITAL PROVIDERS 7 3.4. SUPPLIERS AND
More informationA Guide to SCRUMstudy Certifications and Courses SDC SMC SPOC AEC ESM.
A Guide to SCRUMstudy Certifications and Courses SDC SMC SPOC AEC ESM www.com Table of Contents Introduction 3 About SCRUMstudy 3 Why should I pursue SCRUMstudy Certification? 3 SCRUMstudy Certifications
More informationA Guide to SCRUMstudy Certifications and Courses SDC SMC SPOC AEC ESM.
A Guide to SCRUMstudy Certifications and Courses SDC SMC SPOC AEC ESM www.com Table of Contents Introduction 3 About SCRUMstudy 3 Why should I pursue SCRUMstudy Certification? 3 SCRUMstudy Certifications
More informationPurpose. Scope. Process flow OPERATING PROCEDURE 07: HAZARD LOG MANAGEMENT
SYDNEY TRAINS SAFETY MANAGEMENT SYSTEM OPERATING PROCEDURE 07: HAZARD LOG MANAGEMENT Purpose Scope Process flow This operating procedure supports SMS-07-SP-3067 Manage Safety Change and establishes the
More informationAB AMBER GRID RULES FOR NATURAL GAS TRANSMISSION SYSTEM BALANCING I. GENERAL PROVISIONS
AB AMBER GRID RULES FOR NATURAL GAS TRANSMISSION SYSTEM BALANCING I. GENERAL PROVISIONS 1. AB Amber Grid Rules for Natural Gas Transmission System Balancing (hereinafter - the Rules) are designed to identify
More informationGlobal Certifying Authority for Scrum and Agile Professionals
Global Certifying Authority for Scrum and Agile Professionals SCRUM is an iterative and incremental agile framework for managing complex projects. A scrum (short for scrummage) is a method of restarting
More informationProgress with the Road Investment Strategy
Report by the Comptroller and Auditor General Department for Transport and Highways England Progress with the Road Investment Strategy HC 1056 SESSION 2016-17 22 MARCH 2017 4 Key facts Progress with the
More informationIndependent Economic Analysis Board. Review of the Estimated Economic Impacts of Salmon Fishing in Idaho. Task Number 99
IEAB Independent Economic Analysis Board Roger Mann, Chair Noelwah R. Netusil, Vice-Chair Kenneth L. Casavant Daniel D. Huppert Joel R. Hamilton Lon L. Peters Susan S. Hanna Hans Radtke Review of the Estimated
More informationBest Practice RBI Technology Process by SVT-PP SIMTECH
Best Practice RBI Technology Process by SVT-PP SIMTECH We define the best practice in RBI as a proactive technology process which is used to formally and reliably optimise the inspection efforts for each
More informationANNUAL REVIEW OF INDUSTRY EXPERIENCE - FINAL REPORT AS OF DECEMBER 31, 2016 COMMERCIAL VEHICLES ALBERTA AUTO INSURANCE RATE BOARD 29 SEPTEMBER 2017
ANNUAL REVIEW OF INDUSTRY EXPERIENCE - FINAL REPORT AS OF DECEMBER 31, 2016 COMMERCIAL VEHICLES ALBERTA AUTO INSURANCE RATE BOARD 29 SEPTEMBER 2017 ANNUAL REVIEW OF INDUSTRY EXPERIENCE AS OF DECEMBER 31,
More informationCanadian Electrical Code, Part I Full Impact Assessment
Copyright CSA Group 2015 Canadian Electrical Code, Part I Full Impact Assessment Subject 3827 Recalculated underground ampacity tables CONTENTS 1 INTRODUCTION TO THE FULL IMPACT ASSESSMENT... 3 2 PURPOSE
More informationEconomic Contribution of the 2018 Recreational Red Snapper Season in the South Atlantic
Economic Contribution of the 2018 Recreational Red Snapper Season in the South Atlantic Produced for the: American Sportfishing Association (ASA) PO Box 6435 Fernandina Beach, FL 32035 Office (904) 277-9765
More informationHow to Explain Car Rental to Banks and Investors
How to Explain Car Rental to Banks and Investors Scott White Senior Managing Director, Head of Investment Banking C.L. King & Associates March 8-9, 2011 Las Vegas Hilton 1 My Background 18 Years Advising
More informationWhat The U.S. Must Do To Slow Growth In Spending and Prevent a Meltdown of The Healthcare System? Stuart H. Altman
What The U.S. Must Do To Slow Growth In Spending and Prevent a Meltdown of The Healthcare System? Stuart H. Altman Dean and Chaikin Professor of National Health Policy The Heller School for Social Policy
More information2019 Formula SAE Japan Local Rules Number 2 Issued: January 18, 2019
2019 Formula SAE Japan Local Rules Number 2 Issued: January 18, 2019 The purpose of this document is to inform of the local rules that shall apply to 2019 Formula SAE Japan. Any additional local rules
More informationBIKE PLAN CONTENTS GATEWAY
CONTENTS Acknowledgments...vii Great Rivers Greenway District Board of Directors... vii Great Rivers Greenway District Staff... vii Project Consultants... vii Committees... viii Citizens Advisory Committee
More informationLesson Plan for the month of December Dr.M.K.Singh. University Department of Commerce
Lesson Plan for the month of December-2014 Dr.M.K.Singh University Department of Commerce Date Semester Topic 01-12-2014 Sem I Concept of Leadership Sem IV Method of appraisal 02-12-2014 Sem I Styles of
More informationDemographic change, long-run housing demand and the related challenges for the Irish banking sector
Demographic change, long-run housing demand and the related challenges for the Irish banking sector December 5 th, 2016 esri.ie David Duffy, Daniel Foley, Kieran McQuinn and Niall McInerney Outline: Addresses
More informationRECIPROCAL ACCESS AGREEMENT WITNESSETH
RECIPROCAL ACCESS AGREEMENT THIS AGREEMENT, entered into this 1st day of February, 2017 by and between (NAME AND ADDRESS OF THE PARTICIPATING CLUB/PROPERTY), (hereinafter referred to as The Club ), and
More informationGlobal Certifying Authority for Scrum and Agile Professionals. Authorized Training Partner
Global Certifying Authority for Scrum and Agile Professionals Authorized Training Partner SCRUM is an iterative and incremental agile framework for managing complex projects. A scrum (short for scrummage)
More informationVIRGINIA 4-H CHARTERING INSTRUCTIONS
2017-2018 VIRGINIA 4-H CHARTERING INSTRUCTIONS 0 PAGE 2017 2018 Virginia 4-H Youth Development Program Table of Contents Section 1: What is a Charter... 3 Purpose of Establishing and Chartering a 4-H Club...
More informationTHE ECONOMIC CONTRIBUTION FROM HORSES
THE ECONOMIC CONTRIBUTION FROM HORSES ECONOMIC CONTRIBUTION FROM HORSES HIGHLIGHTS The horse industry contributes more than $19 billion annually to the Canadian economy On-farm activities with horses generate
More informationDSBG Findings Helping Fishermen and Policy Makers Explore the Economics of Deep Set Buoy Gear in the West Coast Swordfish Fishery
June 2016 DSBG Findings Helping Fishermen and Policy Makers Explore the Economics of Deep Set Buoy Gear in the West Coast Swordfish Fishery Photos courtesy of The Pew Charitable Trusts Developed by Cap
More informationWEALTH MANAGEMENT: ON YOUR TERMS
WEALTH MANAGEMENT: ON YOUR TERMS YOUR VISION FOR THE FUTURE While you actively build your personal wealth, it is also important to consider how you will protect those assets, generate income from them
More informationEBA s REVIEW OF THE IRB APPROACH
EBA s REVIEW OF THE IRB APPROACH EIFR seminar on internal models Paris, 15 December 2016 Dorota Siwek Why does the IRB Approach have to be reviewed? Lack of trust regarding the use of internal models:
More informationAB AMBER GRID RULES FOR NATURAL GAS TRANSMISSION SYSTEM BALANCING I. GENERAL PROVISIONS
AB AMBER GRID RULES FOR NATURAL GAS TRANSMISSION SYSTEM BALANCING I. GENERAL PROVISIONS 1. AB Amber Grid Rules for Natural Gas Transmission System Balancing (hereinafter - the Rules) are designed to identify
More informationThe Economic Outlook. Economic Policy Division
The Economic Outlook Economic Policy Division Glass Half Full Six plus years of moderate growth Real GDP Outlook Percent Change, Annual Rate 10 5 0-5 -10 1980 1985 1990 1995 2000 2005 2010 2015 Glass Half
More informationIMD Governance Review at a glance
IMD Governance Review at a glance Good Governance at the International Olympic Committee Summary of recommendations 07 July 2017 1 Introduction IMD was officially contracted by the International Olympic
More informationPresentation half-year results 2012
Presentation half-year results 2012 Okura Hotel, Amsterdam 26 July 2012 René J. Takens, CEO Hielke H. Sybesma, CFO Jeroen M. Snijders Blok, COO Agenda 1. Accell Group in H1 2012 2. Accell Group share 3.
More informationCitizens of the World Charter Schools Los Angeles FY Preliminary Budget Assumptions
Citizens of the World Charter Schools Los Angeles FY 2013-14 Preliminary Budget Assumptions This preliminary draft budget represents the comprehensive approach to meeting a myriad of goals for 2013-14.
More information30 April 2 May 2018 ICC Sydney Unlocking the Future through Systems Engineering. sete2018.com.au. Captain Ross Grafton
30 April 2 May 2018 ICC Sydney Unlocking the Future through Systems Engineering sete2018.com.au Captain Ross Grafton Lessons Learned in Applying Efficient Test Design and Analysis Techniques to Aircraft
More informationIndiana Electricity Projections: The 2018 Forecast Update
Indiana Electricity Projections: The 2018 Forecast Update State Utility Forecasting Group The Energy Center at Discovery Park Purdue University West Lafayette, Indiana October 2018 Summary This report
More informationConsumption of Primary, Outer, Closure and Multi-pack Packaging
1. Industry Forecast The Future of Beer & Cider Packaging Market in France, 2008 to 2018 Consumption of Primary, Outer, Closure and Multi-pack Packaging Reference Code: PK0647MR Report price: US$ 1,250
More informationCH- DEBENTURES DEBENTURES ISSUED FOR CONSIDERATION OTHER THAN CASH
1 CH- DEBENTURES ISSUE OF DEBENTURES Debentures may be issued either, (i) at par, or (ii) at a premium, or (iii) at a discount without any legal restriction. Again debentures may be issued by a company
More informationAlternative Measures of Economic Activity. Jan J. J. Groen, Officer Research and Statistics Group
Alternative Measures of Economic Activity Jan J. J. Groen, Officer Research and Statistics Group High School Fed Challenge Student Orientation: February 1 and 2, 217 Outline Alternative indicators: data
More informationQueue analysis for the toll station of the Öresund fixed link. Pontus Matstoms *
Queue analysis for the toll station of the Öresund fixed link Pontus Matstoms * Abstract A new simulation model for queue and capacity analysis of a toll station is presented. The model and its software
More informationThe Scrum Guide. The Definitive Guide to Scrum: The Rules of the Game. July Developed and sustained by Ken Schwaber and Jeff Sutherland
The Scrum Guide The Definitive Guide to Scrum: The Rules of the Game July 2013 Developed and sustained by Ken Schwaber and Jeff Sutherland Table of Contents Purpose of the Scrum Guide... 3 Definition of
More informationRFU REGULATION 5 FINANCIAL. 5.1 Finance
RFU REGULATION 5 FINANCIAL 5.1 Finance 5.1.1 On or before 31 December each year, each Constituent Body shall send to the RFU s Chief Financial Officer for inspection a properly prepared Financial Statement
More informationGood Morning everyone, I will be talking this morning about the review and restructure of Cruise Whitsundays Safety Management Systems.
Good Morning everyone, I will be talking this morning about the review and restructure of Cruise Whitsundays Safety Management Systems. 1 This presentation is about the restructure of Cruise Whitsundays
More informationLearning about Banks Net Worth and the Slow Recovery after the Financial Crisis
Learning about Banks Net Worth and the Slow Recovery after the Financial Crisis Josef Hollmayr (Deutsche Bundesbank) and Michael Kühl (Deutsche Bundesbank) The presentation represents the personal opinion
More informationBusiness Cycles. Chris Edmond NYU Stern. Spring 2007
Business Cycles Chris Edmond NYU Stern Spring 2007 1 Overview Business cycle properties GDP does not grow smoothly: booms and recessions categorize other variables relative to GDP look at correlation,
More informationUnderstanding safety life cycles
Understanding safety life cycles IEC/EN 61508 is the basis for the specification, design, and operation of safety instrumented systems (SIS) Fast Forward: IEC/EN 61508 standards need to be implemented
More informationUnit 5: Prioritize and Manage Hazards and Risks STUDENT GUIDE
: Prioritize and Manage Hazards and Risks STUDENT GUIDE Objectives By the end of this unit, students will be able to: Describe several techniques that can be used to prioritize hazards for mitigation,
More information1. Lean, Agile, and Scrum Values and Principles 1.1. describe Scrum s relationship to the Agile Manifesto.
Scrum Master Exam Prep Course (2 Days) Detailed Learning Objectives 1. Lean, Agile, and Scrum Values and Principles 1.1. describe Scrum s relationship to the Agile Manifesto. Scrum Theory 1.2. define empirical
More informationThe Florida Bicycle and Pedestrian Partnership Council
The Florida Bicycle and Pedestrian Partnership Council Input to the Update of the Florida Transportation Plan March 2015 This document presents input from the Florida Bicycle and Pedestrian Advisory Council
More informationThe Anatomy of Bull and Bear Markets. Tom Vernon/James Hutton
The Anatomy of Bull and Bear Markets Tom Vernon/James Hutton Recent market correction in context of long-term returns S&P 500 2900 DURATION: 9 DAYS 2850 2800 2750 2700 2650 MAGNITUDE: -10.2% 2600 2550
More informationFIRE PROTECTION. In fact, hydraulic modeling allows for infinite what if scenarios including:
By Phil Smith, Project Manager and Chen-Hsiang Su, PE, Senior Consultant, Lincolnshire, IL, JENSEN HUGHES A hydraulic model is a computer program configured to simulate flows for a hydraulic system. The
More informationThe Safety Case. Structure of Safety Cases Safety Argument Notation
The Safety Case Structure of Safety Cases Safety Argument Notation Budapest University of Technology and Economics Department of Measurement and Information Systems The safety case Definition (core): The
More informationExample Report: Syndicate Peer Analysis.
Example Report: Syndicate Peer Analysis. Syndicate Peer Group XXXX Excel format
More informationAdvances in Low Voltage Motor Control Center (MCC) Technology Help Reduce Arc-Flash Hazards and Minimize Risks
Advances in Low Voltage Motor Control Center (MCC) Technology Help Reduce Arc-Flash Hazards and Minimize Risks Selecting the right MCC equipment leads to improved plant safety, helping protect people and
More informationThe Scrum Guide. The Definitive Guide to Scrum: The Rules of the Game. October Developed and sustained by Ken Schwaber and Jeff Sutherland
The Scrum Guide The Definitive Guide to Scrum: The Rules of the Game October 2011 Developed and sustained by Ken Schwaber and Jeff Sutherland Table of Contents Purpose of the Scrum Guide... 3 Scrum Overview...
More informationActuarial Analysis for Industry-Wide Rate Adjustment November 1, 2007
31 May 2007 Actuarial Analysis for Industry-Wide Rate Adjustment November 1, 2007 Prepared for the MOWDoc Contents Introduction Data and Reliances...1 Limitations...2 Summary of Findings...3 Recent Legislative
More informationRecommendation BRL BRL % + HOLD. Stock Chart SMALL UPSIDE Target Price. Current Price. Target Price (10/19) RENT3
TEAM K Recommendation Target Price BRL 44.40 Current Price Target Price BRL 41.00 +8.30% + HOLD (10/19) Stock Chart 50 43 RENT3 44.40 36 29 22 SMALL UPSIDE Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Source: Bloomberg,
More informationDEPARTMENT OF TRANSPORT
DEPARTMENT OF TRANSPORT UPDATE ON THE IMPLEMENTATION OF SHOVA KALULA BICYCLE PROJECT SELECT COMMITTEE ON PUBLIC SERVICES 14 SEPTEMBER 2010 Outline of the presentation Objectives of the project Legislative
More informationANNUAL RELIABILITY AND POWER QUALITY REPORT for the year ended 30 June 2017
ELECTRICITY INDUSTRY (NETWORK QUALITY AND RELIABILITY OF SUPPLY) CODE 2005 ANNUAL RELIABILITY AND POWER QUALITY REPORT for the year ended 30 June 2017 SEPTEMBER 2017 Page 1 of 81 Contents 1 Purpose...
More informationAnnual results 2017 and strategy update. 09 March 2018
Annual results 2017 and strategy update 09 March 2018 Agenda 1. Highlights & Group performance 2017 2. Strategy update 3. Outlook 2018 March 9, 2018 Accell Group N.V. presentation annual results 2017 1
More informationASSETS Swiss Francs Swiss Francs
INTERNATIONAL SKATING UNION, LAUSANNE BALANCE SHEET AS OF DECEMBER 31, 2015 31.12.2015 31.12.2014 ASSETS Swiss Francs Swiss Francs Current Assets Cash 14'562.31 16'103.63 Post / Bank - current accounts
More informationFedRAMP Continuous Monitoring Performance Management Guide. Version 2.0
FedRAMP Continuous Monitoring Performance Management Guide Version 2.0 January 31, 2018 DOCUMENT REVISION HISTORY DATE VERSION PAGE(S) DESCRIPTION AUTHOR 07/22/2015 1.0 All Initial document FedRAMP PMO
More informationCOMPRESSED AIR TEXTILES ENERGY EFFICIENCY
TEXTILES ENERGY EFFICIENCY GUIDANCE NOTE 01 COMPRESSED AIR Compressed air often accounts for more than 10% of textile companies annual electricity use. It is referred to as the forgotten utility, as the
More informationMay 12, 2016 Metro Potential Ballot Measure Issue Brief: Local Return
Summary: Local return is an important revenue source for cities to maintain their local transportation infrastructure. Most cities use their local return to operate small bus systems and repave streets,
More informationCompany A Company A. Company A Board Meeting Presentation 12 th May 20XX
Board Meeting Presentation 12 th May 20XX Table of Contents CEO Overview Business Dashboard Quarterly Financials & forecasts Sales and Marketing Quarter specific items Strategic update: D2C Risk and Underwriting
More informationEVM Demystified. An Easy Guide for the Practical Use of Earned Value Management. Ruth M. Mullany, PMP Esther J. Burgess, PMP DYNASTY PRESS, VIRGINIA
EVM Demystified An Easy Guide for the Practical Use of Earned Value Management By Ruth M. Mullany, PMP Esther J. Burgess, PMP DYNASTY PRESS, VIRGINIA Copyright 2007 by Ruth M. Mullany and Esther J. Burgess
More informationTRAVEL PLAN: CENTRAL EUROPEAN UNIVERSITY CAMPUS REDEVELOPMENT PROJECT TRAVEL PLAN. Central European University Campus Redevelopment Project.
TRAVEL PLAN Central European University Campus Redevelopment Project Page 1 Table of Contents Introduction... 3 Background... 7 Building Users... 7 Transportation in Community Consultation... 7 Summary
More informationTG GUIDELINES CONCERNING CALIBRATION INTERVALS AND RECALIBRATION
GUIDELINES CONCERNING CALIBRATION INTERVALS AND RECALIBRATION Approved By: Senior Manager: Mpho Phaloane Revised By: Field Manager: Neville Tayler Date of Approval: 2015-08-26 Date of Implementation: 2015-08-26
More informationURC Voltage Sensor SEN-VOLT for use with MRX units containing sensor ports
URC Voltage Sensor SEN-VOLT for use with MRX units containing sensor ports URC Voltage Sensor SEN-VOLT 2013 Universal Remote Control, Inc. The information in this Owner s Manual is copyright protected.
More informationThis e-book version is for an individual. No corporation, training classes, training institutes are allowed to use this e-book.
2005 2006 sapficoconsultant.com. All rights reserved. No part of this e-book should be reproduced or transmitted in any form, or by any means, electronic or mechanical including photocopying, recording
More informationRBC Economics Financial Update Dawn Desjardins
RBC Economics Financial Update Dawn Desjardins CICA/RBC Q4 2011 Business Monitor Economic Results Overview Business and Economic Optimism Begin to Stablize 100 % 80 % 60 % 40 % 20 % 0 % National Optimism
More informationOutcome-based payment schemes: government s use of payment by results
Report by the Comptroller and Auditor General Cross-government Outcome-based payment schemes: government s use of payment by results HC 86 SESSION 2015-16 19 JUNE 2015 Outcome-based payment schemes: government
More informationEast Bay Financial Planners Association Conference
East Bay Financial Planners Association Conference Is The New Normal Here to Stay? January 10, 2018 Rich Taylor Vice President Client Portfolio Manager Percent Change (%) Subpar Economic Growth Real GDP
More informationCreative Commons License Attribution
Creative Commons License Attribution This is a derivative work by Kate Terlecka based on the Scrum Guide 2015 by Scrum.Org and ScrumInc, available at http://scrumguides.org. Offered for license under the
More information2017 IIHF BID REGULATIONS
2017 IIHF BID REGULATIONS May 2014 Preface The foregoing IIHF Bid Regulations has been developed by the IIHF strictly for the purpose of improving the selection process for the venues of IIHF top-level
More informationAcademic Policy Proposal: Policy on Course Scheduling for the Charles River Campus ( )
Academic Policy Proposal: Policy on Course Scheduling for the Charles River Campus (10-5-15) 1. Rationale: Effective class and classroom scheduling is critical to the academic mission of the University.
More informationEFFECTS OF EXTENDING AND EXPANDING ENERGY-EFFICIENCY TAX DEDUCTION FOR COMMERCIAL BUILDINGS
EFFECTS OF EXTENDING AND EXPANDING ENERGY-EFFICIENCY TAX DEDUCTION FOR COMMERCIAL BUILDINGS Prepared by Regional Economic Models, Inc. (REMI) Agenda Overview of 179D tax provision Energy efficiency and
More informationCanadian Teleconference: Can the Canadian Economy Survive the Turmoil in the United States?
Canadian Teleconference: Can the Canadian Economy Survive the Turmoil in the United States? Nigel Gault Chief U.S. Economist Dale Orr Canadian Macroeconomic Services Copyright 2008 Global Insight, Inc.
More informationDistributional National Accounts: Methods and Estimates for the United States
Distributional National Accounts: Methods and Estimates for the United States Thomas Piketty (PSE) Emmanuel Saez (UC Berkeley) Gabriel Zucman (UC Berkeley) November 2016 There is a large disconnect today
More informationTOWARDS A BIKE-FRIENDLY CANADA A National Cycling Strategy Overview
TOWARDS A BIKE-FRIENDLY CANADA A National Cycling Strategy Overview NationalCyclingStrategFrameworkv3.indd 1 Potential for this modal shift can be found in municipalities of all sizes, in every population
More information2018/ /21 SERVICE PLAN
2018/19 2020/21 SERVICE PLAN February 2018 For more information on the BC Games Society contact: 200-990 Fort Street Victoria, B.C. V8V 3K2 Kelly Mann, President and CEO Phone: (250) 387-1375 Fax: (250)
More informationGUIDE TO RUNNING A BIKE SHARE. h o w t o p l a n a n d o p e r a t e a s u c c e s s f u l b i k e s h a r e p r o g r a m
GUIDE TO RUNNING A BIKE SHARE h o w t o p l a n a n d o p e r a t e a s u c c e s s f u l b i k e s h a r e p r o g r a m 20150209 The bicycle is the most loved form of transportation. No other machine
More informationPedestrian Crosswalk Audit
1200, Scotia Place, Tower 1 10060 Jasper Avenue Edmonton, Alberta T5J 3R8 edmonton.ca/auditor Pedestrian Crosswalk Audit June 19, 2017 The conducted this project in accordance with the International Standards
More informationCapital IDEA From Patient to Provider
Capital IDEA From Patient to Provider Economic Analysis Overview As part of the Delivery-System Reform Incentive Payment (DSRIP) program administered by the Texas Health and Human Services Commission (HHSC),
More informationBC GAMES SOCIETY 2014/15 ANNUAL SERVICE PLAN REPORT
BC GAMES SOCIETY ANNUAL SERVICE PLAN REPORT For more information on the BC Games Society contact: 200 990 Fort Street Victoria, BC V8V 3K2 250.387.1375 info@bcgames.org bcgames.org National Library of
More informationThe following words and terms, when used in this rule, have the following meanings, unless the context clearly
53ER13-47 MEGA MILLIONS. (1) Definitions. The following words and terms, when used in this rule, have the following meanings, unless the context clearly indicates otherwise: (a) Annuity prize A Jackpot
More informationCommunity Update. Life in the Heartland Community Information Evening. Pembina Pipeline Corporation
Pembina Pipeline Corporation Community Update Life in the Heartland Community Information Evening Wayne Carey Manager, Field Projects, Redwater Facility October 23, 2017 Forward-Looking Statements This
More informationWASHINGTON PREMIER FC AGE-SPECIFIC CURRICULUM
WASHINGTON PREMIER FC AGE-SPECIFIC CURRICULUM 2018 U8(Intro) - Speed & Agility - Dribbling, passing and trapping technique - Skill moves (learning 1 weekly) - 1v1, 2v1, 1v2 and 2v2 to small goals - Introduce
More informationForeword 3. Mission & Objectives 4. Financial Overview 8. Money In 10. Money Out 11. Delivering Services 12. Services Explained 13
2016 BUDGET GUIDE Foreword 3 Mission & Objectives 4 Financial Overview 8 Money In 10 Money Out 11 Delivering Services 12 Services Explained 13 Cost to Participants 14 FOREWORD NICK RUST CHIEF EXECUTIVE
More informationPhysicist's Responsibility On End-Of-Life for Brachytherapy Devices and Software
Physicist's Responsibility On End-Of-Life for Brachytherapy Devices and Software Wayne M. Butler, PhD. Schiffler Cancer Center and Wheeling Jesuit University Wheeling, WV U rologic Research Institute Customers
More information