A CONCEPTUAL FRAMEWORK FOR THE ESTABLISHMENT OF A GOVERNMENT ACTUARY’S DEPARTMENT IN MALAYSIA

The profession of an actuary is very important towards the society. actuaries and actuarial scientists employ their skills of mathematics and statistics to measure the financial implication of future events by consideration the risk factors. while actuaries and actuarial scientists continue to be the backbone of the insurance and financial industries, the role and scope of the professions have undergone a phenomenal change in recent times. actuaries and actuarial scientists are in high demand in almost all businesses and industries including software development, judiciary and legislation, sports and environmental economics. in recent days, various other fields recognised the actuarial methods as a way of solving problems in engineering, space science and so forth. therefore, actuaries and actuarial scientists need to be involved in assisting the government in developing economic and social policies. this paper suggests the establishment of the actuary general’s department of malaysia, to be headed by the actuary general of malaysia.