actuaris.nl

The Data Conundrum for Risk Modelers

Nieuws
28-03-2024
Tony Hughes
Forecasts, scenario projections and other types of model output are not data. They are subject to error and potential bias, and risk managers would do well to keep this in mind when they are validating models.

Article Tony Hughes, 

Forecasts, scenario projections and other types of model output are not data. They are subject to error and potential bias, and risk managers would do well to keep this in mind when they are validating models.

Risk modelers today face a myriad of challenges, ranging from scenario analysis to forecasting to validation. But when modelers use a loose definition of the term “data,” bad habits can form quickly, creating problems they must understand and protect against.

If you research the etymology of "data," you will find that its original meaning is closely tied to the concept of a fact, something that is known or generally assumed to be true.

In modern times, however, usage of the word has expanded to include pretty much anything that can be stored in a spreadsheet. Forecasts and scenario projections are often referred to as "data," and I've even seen output from Monte Carlo simulations described in the same way. I suspect this is because computer scientists define the term very broadly to include anything that can be stored on a server.

Lees verder >>


Gerelateerde vacatures

Geïnteresseerd in een carrière bij organisaties in ditzelfde vakgebied? Bekijk hieronder de gerelateerde vacatures en vind de perfecte match voor jou!
AkzoNobel
In overleg
Senior
Amsterdam
As a Global Pension Director at AkzoNobel, you lead global pension strategy, governance and compliance, oversee funding, investments and risk, steer M&A post-employment workstreams, and manage key stakeholders, vendors and...
Achmea
Max. 650
Student
Meerdere locaties
Als Wo Afstudeerstagiair Actuariaat en Data Analyse bij Achmea onderzoek je pricing- en risicomodellen voor zakelijke verzekeringen: impact van datakwaliteit, aannames, AI/ML en klimaat. Je analyseert data, rekent scenario’s door...
Top vacature
Keylane
4.200 - 6.500
Senior
Utrecht / Rotterdam
Als Actuarial Consultant bij Keylane analyseer, ontwerp en configureer je pensioenproducten in Plexus, richt je pensioenberekeningen in, vertaal je hiaten naar requirements, begeleid je ontwerp, tests en acceptatie, en onderzoek...
Top vacature
ARAG
4.318 - 7.402
Medior
Leusden
Als Actuaris (pricing) bij ARAG onderhoud en bepaal je de prijsstelling van verzekeringsproducten, voer je rendementsanalyses en premiestelling uit, monitor je financiële resultaten, beheer en verbeter je actuariële modellen en...