The ASB recently approved an exposure draft of a revision of ASOP No. 23, Data Quality. The ASOP was revised in 2004 and 2011 to reflect current, generally accepted practice with respect to data quality and to reflect new deviation language, respectively. In 2014, the ASB decided further review was needed to reflect changes in practice, which resulted in the drafting of the proposed revision. Proposed key changes in the revision include clarifying that the standard also applies to actuaries preparing data for other actuaries to use in an actuarial work product, requiring the actuary to disclose in summary form any unresolved questionable data uncovered on review and any steps taken to improve the data, and requiring the actuary to disclose why a review was not performed, if the actuary did not review the data. The comment deadline for the exposure draft is February 29, 2016 and can be viewed under the “Drafts” tab in “Current Exposure Drafts.”
