Code of Conduct - test your knowledge Survey

The Code of Conduct Guidance Group is encouraging members to test their knowledge of the new Code of Conduct launched on 31 March, by completing a short quiz of 20 multiple choice questions that should take 10 minutes to complete. Members earn one CPD point for completing the quiz and should aim to score >90%. You will be unable to take the quiz again, so if you do not achieve that score it is recommended that you carefully re-read the Code.

N.B. The quiz is anonymous and the results will not be used by the Code of Conduct Guidance Group of the Actuaries Institute.

Question Title

1. What is the primary purpose of the Code of Conduct? (Required.)

To build and promote confidence in the Services provided by actuaries

To outline minimum standards of professional conduct to be observed

To provide a set of rules that determine when a Member’s behaviour should be reviewed by the Institute’s Disciplinary Scheme

To provide rules and guidance to support Members’ professional behaviour

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2. Who does the Code of Conduct apply to? (Required.)

Fellows of The Institute

Fellows of The Institute, resident in Australia

Members of The Institute

Members of The Institute, resident in Australia

Question Title

3. The Code not only applies when Members are providing Services, it also applies when...? (Required.)

Members’ conduct may be reasonably considered to reflect on their employer.

Members’ conduct may be reasonably considered to reflect on the Institute.

Members are conducting themselves in a public forum.

Members are conducting themselves at a media event.

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4. Under the Code of Conduct, “Services” means any engagement, work, findings, advice or act of a Member as an actuary and….? (Required.)

Includes services that are provided on a pro-bono basis.

Includes services that may be perceived to be provided by an actuary.

Which are provided by a Member in a professional capacity.

Which are provided in the course of their employment as an actuary.

Question Title

5. Under the Code of Conduct, “Professional Governance Material” means….? (Required.)

Professional Standards

Professional Standards and practice guidelines

Professional Standards, practice guidelines and information notes

Professional Standards, practice guidelines, information notes and other similar material

Principles 1 and 2

Question Title

6. Which of the following is not expected from Members under the principle of Integrity? (Required.)

Will be truthful in promoting and delivering their Services

Will assess the integrity of their Clients before delivering Services

Will respect confidentiality

Will show respect for others in the way they conduct themselves

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7. Under the Code of Conduct, Members will comply with….? (Required.)

All relevant laws and regulations

All relevant laws, regulations and Professional Standards

All relevant laws, regulations and Professional Governance Material

All relevant laws, regulations, Professional Standards and Regulatory Guidance

Principle 3 - Competence and Care

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8. What should a Member consider when deciding whether to seek input from other professionals, specialists or experts? (Required.)

If it is a requirement of the law, regulations or Professional Standards.

If it is necessary to provide their Client with the appropriate standard and quality of Services.

If there are suitable professionals, specialists or experts within the Member’s firm that may be readily consulted

If the Client has requested additional input and it is specified in the Member’s letter of engagement.

Question Title

9. When replacing another Member in a statutory role, the incoming Member will take reasonable steps to communicate with the predecessor. What is expected of the predecessor? (Required.)

To take every possible step to facilitate engagement with the incoming Member.

To take reasonable steps to facilitate engagement with the incoming Member.

To take reasonable steps to facilitate engagement with the incoming Member, only if mutually beneficial.

To take reasonable steps to facilitate engagement with the incoming Member, only if the Member is not employed by a competitor.

Question Title

10. Members will provide Services that are appropriate to the instructions of their client, having due regard to….? (Required.)

Others whose interests may be affected by the Services provided

The interests of shareholders who may be affected by the Services provided

All relevant laws, regulations and Professional Governance Material

All relevant laws, regulations and Regulatory Guidance

Question Title

11. Members will only provide Services where they have an appropriate level of knowledge and skill; or….? (Required.)

They are working with a person who has the appropriate level of knowledge and skill

They are acting under the direct supervision of another Member who is taking responsibility for the provision of the Services

a and b.

a or b.

Principle 4 - Objectivity

Question Title

12. A conflict of interest may arise if a Member’s duty to their Client competes with other interests including….? (Required.)

The Member’s own interests.

An interest of the Member’s firm.

The interests of other Clients.

All of the above.

Question Title

13. What should a Member do initially if an actual or potential conflict of interest is identified? (Required.)

Inform the Institute’s Disciplinary Scheme as soon as practical.

Immediately communicate the conflict of interest to their Client.

Consider what actions are required to resolve the conflict.

Seek advice from a more senior Member about how to communicate the conflict to the Client

Question Title

14. Where an identified conflict of interest compromises or can be reasonably perceived to compromise a Member’s professional judgment, the Code of Conduct specifies that a Member will… ? (Required.)

Document the actions that they have taken or will take to resolve the conflict.

Communicate to their Client the actions they have taken or will take to resolve the conflict.

Consider what additional actions are required to resolve the conflict.

Seek advice from a more senior Member about potential resolutions for the conflict.

Question Title

15. Members will conduct themselves such that their professional judgment and ability to provide objective advice is not compromised, and cannot reasonably be perceived to be compromised, by….? (Required.)

Bias or conflicts of interest

Bias, conflict of interest or the undue influence of others

Conflict of interest, undue influence of their Client or undue influence of others

Conflict of interest, undue influence of their employer or undue influence of others

Question Title

16. Where Members provide a Service that involves advocacy, Members will take reasonable steps so that parties who are expected to receive the product of the Service….? (Required.)

Are aware of the capacity in which the Member is acting.

Have signed an acknowledgement of the capacity in which the Member is acting.

Receive a full copy of the Members’ report to their Client.

Are warned of the interests in which the Member is acting.

Principle 5 - Speaking Up

Question Title

17. What is the first step expected of a Member who reasonably believes that another Member may have acted inconsistently with the Code? (Required.)

Take into account the Member’s confidentiality obligations

Consider making a complaint under the Institute’s Disciplinary Scheme

Seek guidance from an experienced Actuary

Consider taking reasonable steps to discuss with the Member or their Client, as appropriate

Question Title

18. What is expected of a Member who has reasonable doubt about whether the actions of a Client are lawful or honest? (Required.)

Consider whether it is appropriate to continue to provide Services to that Client

Consider whether it is appropriate to modify the terms of their engagement letter with that Client

Consider whether a higher fee should be charged for the Services to cover the legal risk involved in the work

Consider whether the Client’s actions are likely to be uncovered by the relevant regulator

Principle 6 - Communication

Question Title

19. Members will communicate appropriately, having regard to….? (Required.)

The intended audience and the purpose of the communication

The significance of the communication to its intended audience

The potential need of the audience for further explanation

All of the above

Question Title

20. What forms of oral communication are subject to the Code? (Required.)

None. Only written communication is subject to the Code.

Only formal oral communication such as presentations to clients or colleagues.

Telephone conversations.

Formal and informal oral communication.

Code of Conduct - test your knowledge

Question Title

* 1. What is the primary purpose of the Code of Conduct? (Required.)

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* 2. Who does the Code of Conduct apply to? (Required.)

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* 3. The Code not only applies when Members are providing Services, it also applies when...? (Required.)

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* 4. Under the Code of Conduct, “Services” means any engagement, work, findings, advice or act of a Member as an actuary and….? (Required.)

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* 5. Under the Code of Conduct, “Professional Governance Material” means….? (Required.)

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* 6. Which of the following is not expected from Members under the principle of Integrity? (Required.)

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* 7. Under the Code of Conduct, Members will comply with….? (Required.)

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* 8. What should a Member consider when deciding whether to seek input from other professionals, specialists or experts? (Required.)

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* 9. When replacing another Member in a statutory role, the incoming Member will take reasonable steps to communicate with the predecessor. What is expected of the predecessor? (Required.)

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* 10. Members will provide Services that are appropriate to the instructions of their client, having due regard to….? (Required.)

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* 11. Members will only provide Services where they have an appropriate level of knowledge and skill; or….? (Required.)

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* 12. A conflict of interest may arise if a Member’s duty to their Client competes with other interests including….? (Required.)

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* 13. What should a Member do initially if an actual or potential conflict of interest is identified? (Required.)

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* 14. Where an identified conflict of interest compromises or can be reasonably perceived to compromise a Member’s professional judgment, the Code of Conduct specifies that a Member will… ? (Required.)

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* 15. Members will conduct themselves such that their professional judgment and ability to provide objective advice is not compromised, and cannot reasonably be perceived to be compromised, by….? (Required.)

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* 16. Where Members provide a Service that involves advocacy, Members will take reasonable steps so that parties who are expected to receive the product of the Service….? (Required.)

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* 17. What is the first step expected of a Member who reasonably believes that another Member may have acted inconsistently with the Code? (Required.)

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* 18. What is expected of a Member who has reasonable doubt about whether the actions of a Client are lawful or honest? (Required.)

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* 19. Members will communicate appropriately, having regard to….? (Required.)

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* 20. What forms of oral communication are subject to the Code? (Required.)

1. What is the primary purpose of the Code of Conduct? (Required.)

2. Who does the Code of Conduct apply to? (Required.)

3. The Code not only applies when Members are providing Services, it also applies when...? (Required.)

4. Under the Code of Conduct, “Services” means any engagement, work, findings, advice or act of a Member as an actuary and….? (Required.)

5. Under the Code of Conduct, “Professional Governance Material” means….? (Required.)

6. Which of the following is not expected from Members under the principle of Integrity? (Required.)

7. Under the Code of Conduct, Members will comply with….? (Required.)

8. What should a Member consider when deciding whether to seek input from other professionals, specialists or experts? (Required.)

9. When replacing another Member in a statutory role, the incoming Member will take reasonable steps to communicate with the predecessor. What is expected of the predecessor? (Required.)

10. Members will provide Services that are appropriate to the instructions of their client, having due regard to….? (Required.)

11. Members will only provide Services where they have an appropriate level of knowledge and skill; or….? (Required.)

12. A conflict of interest may arise if a Member’s duty to their Client competes with other interests including….? (Required.)

13. What should a Member do initially if an actual or potential conflict of interest is identified? (Required.)

14. Where an identified conflict of interest compromises or can be reasonably perceived to compromise a Member’s professional judgment, the Code of Conduct specifies that a Member will… ? (Required.)

15. Members will conduct themselves such that their professional judgment and ability to provide objective advice is not compromised, and cannot reasonably be perceived to be compromised, by….? (Required.)

16. Where Members provide a Service that involves advocacy, Members will take reasonable steps so that parties who are expected to receive the product of the Service….? (Required.)

17. What is the first step expected of a Member who reasonably believes that another Member may have acted inconsistently with the Code? (Required.)

18. What is expected of a Member who has reasonable doubt about whether the actions of a Client are lawful or honest? (Required.)

19. Members will communicate appropriately, having regard to….? (Required.)

20. What forms of oral communication are subject to the Code? (Required.)