Faculty of Business and Economics

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This unit entry is for students who completed this unit in 2016 only. For students planning to study the unit, please refer to the unit indexes in the the current edition of the Handbook. If you have any queries contact the managing faculty for your course or area of study.

Monash University

6 points, SCA Band 3, 0.125 EFTSL

Undergraduate, Postgraduate - Unit

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.


Business and Economics

Organisational Unit

Department of Econometrics and Business Statistics


Dr Mike Callan



  • First semester 2016 (Day)


Unit ETC4110 covers the subject material required for Actuaries Institute subject Part IIA The Actuarial Control Cycle. The student is introduced to the concept of the Actuarial Control Cycle and how it can be applied in practical commercial situations in a wide range of insurance and related applications. This covers life insurance, general insurance, health insurance, pension or superannuation funds and investment issues. The unit also develops the student's understanding of a wide range of commercial background matters in insurance, pensions and investment - covering features of financial products, the related business environment in Australia, and Government policies affecting insurance and related industries. Risk management is introduced both in terms of the risk issues involved in offering insurance and related financial products, and the general concepts of Enterprise Risk Management.


The learning goals associated with this unit are to:

  1. discuss and apply an actuarial control cycle in a variety of practical commercial situations
  2. apply the tests of professionalism
  3. examine the need for and impact of regulation and government policy on medium and long term commercial decisions
  4. analyse the main features and risks of financial products and contracts, from the point of view of consumers and providers
  5. demonstrate an understanding of enterprise risk management and its role in organisational management
  6. apply a risk assessment framework to identify and assess the risks in a range of commercial situations.


Within semester assessment: 40% Examination: 60%

Workload requirements

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

See also Unit timetable information

Chief examiner(s)


Enrolment in this unit is not available via WES. Head of Department approval is required prior to enrolment.