The Actuarial Profession has today published a draft of the new principles by which actuaries should conduct themselves at all times. It's called (and I kid you not) The Actuaries' Code. Sounds like something the Girl Guides would have.
It contains eight principles collectively named "the eight Cs" which all begin with... C. I've never been comfortable with these kind of mnemonics. Roygbiv is fine. Each letter being different helps you remember the colours. I've come across many others through my various periods of studying, some better than others. But just knowing that all eight principles of actuarial behaviour begin with C isn't too helpful to me. I'll probably remember six or seven but there'll always be an elusive one that just won't come back into memory. Is it "Commiseration"? Is it "Cheesiness"? Is it "Courduroy"?
So what are the true eight Cs? Conduct, Common Good, Competence, Compliance, Conflicts, Confidentiality, Commencing Apointments and Communication. Sounds more like six Cs, one CG and a CA to me. But that's quibbling.
I would put money that the wording that goes with the Code has been written by a member of the (Scotch) Faculty of Actuaries rather than the (English) Institute of Actuaries. My reason for this is because it says "members who disregard the principles or operate outwith their reasonable interpretation...". "Outwith": a word I'd never come across until I met people at work from Scotland. It's only used up there. They write it in documents all the time, not realising it's weird. The number of times we've had to correct bits of writing so that English people won't be confused, I've lost count.
So for it to crop up in the A-Code (as the cool actuaries will soon be calling it) clearly shows a Scotch, and hence probable Faculty, origin.
Does anybody want to take my bet?
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