Any time when you are assessing and planning your finances will often mean you turn to experts and professionals for advice and help, such as an accountant or tax advisor, and in many scenarios, you may also require actuarial services from a company such as actuary.com.au.

Not everyone is aware of or even understands what an actuary does, so here are the basics.

The simplest way to describe what an actuary does is to say they are a risk assessor. However, how they undertake that role is at a far higher level of detail and analysis than that of most risk assessments.

The reason for that is that the risks they evaluate relate mainly to financial risks, and therefore the accuracy of the risks they determine is extremely important.

How actuaries determine risks includes looking at data, researching past events, creating mathematical models to evaluate risks, and calling upon their knowledge and experience to produce their conclusions.

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