Regional Actuarial Services Unit (RASU), Bangkok - ILO actuarial support for countries and institutions in Asia and the Pacific

The ILO has been providing actuarial services to develop and strengthen its Member States’ social security systems since the 1940s. Its actuarial work is highly respected in Member States for its quality and independence. The Actuarial Services Unit was set up in 2014 in Geneva, Switzerland to formalise this support.

The ILO Regional Actuarial Services Unit (RASU) was set up on 1 July 2019 in Bangkok, Thailand. It continues the tradition of excellence in actuarial work with extensive regional knowledge, greater reactivity and practicality for countries and institutions in the region.

The facility partners with institutions to deliver actuarial services and build up local expertise to contribute towards the development of expertise within institutions. It works in close collaboration with ILO Country Offices, Social Protection Specialists and other technical experts in the region as well as with ILO colleagues in Geneva in the Actuarial Services Unit (ASU), the Social Protection Department and Enterprises Units. The facility is managed by an ILO Senior Actuary with over 25 years of experience.

Why actuarial work is so important

Carrying out actuarial valuations and analysis is essential in ensuring that the objectives of social security systems are met. Actuarial input ensures that appropriate policies are put in place to support adequacy of benefits, strengthen sustainability and support fairness.

But actuarial valuation projects and work should be properly managed and cleared by a qualified actuary (as defined nationally or internationally by the International Actuarial Association). Work needs to comply with national actuarial standards of practice or IAA actuarial standards of practice (ISAP-2) and reflect the ILO-ISSA Guidelines on actuarial work for social security.

The ILO regional actuarial services facility in Bangkok provides services and support to countries in the Asia-Pacific region to ensure actuarial work carried out meets these standards. In addition, social security institutions have excellent resources and the ILO works with them to support long-term capacity and knowledge building within the institution.

Services provided

• Actuarial Valuations: analysis and accompanying report enabling stakeholders to improve adequacy of benefits and strengthen financial sustainability of systems. These valuations are often required by legislation and enable a better understanding of key long-term drivers impacting schemes and support evidenced based policy.
• Actuarial analysis as input into policy-making: Actuarial work provides input into policy and management decisions across all branches of social security. Reforms, extension of coverage and introduction of new schemes and benefits requires appropriate actuarial analysis.
• Building up local capacities and training: Knowledge transfer and training which seeks to support efforts to build expertise locally.
• Investment, financial and risk management: Support on investment governance, financing, risk management and reporting.
• Reporting and communication: improving the quality of reporting strengthens support for social security.

Project example

The Regional Actuarial Services facility works closely with a social security institution in the region to build up their actuarial, research and investment capabilities. This long-term project includes the carrying out of two actuarial valuations which are the opportunity to train and develop institution staff and develop knowledge. The legacy at project end is to have a fully functioning and sustainable centre of expertise able to carry out actuarial, research and investment work with a closer link to policy making which in turn will strengthen social security in the country.