Another global first for the IFoA with launch of Quality Assurance Scheme

The Institute and Faculty of Actuaries (IFoA) has today continued to build on its reputation for innovation as it announced another global first, the Quality Assurance Scheme (QAS), is open for applications. The QAS is the first time an actuarial professional body has been positioned to accredit organisations on the quality of the business policies and processes that underpin the work of its members. 

As part of the accreditation process, an independent assessment team will evaluate whether organisations demonstrate their commitment to the quality of their actuarial work by showing that they maintain and apply high quality policies and procedures.  The evaluation will also highlight improvements or different approaches that could be taken.

Fiona Morrison, President of the IFoA, comments:

“We are excited to be launching today this new Quality Assurance Scheme (QAS) for organisations that employ IFoA members.  This continues to build on our reputation for promoting actuarial work in the public interest and supporting our members in new and innovative ways.  Organisations that are accredited through the QAS will find they have an added advantage by promoting their independently accredited policies and processes.

“My firm was one of five that took part in a successful pilot.  I know first-hand from that experience that the QAS has value for the firms applying for accreditation.”

~ENDS~

Contact: Annette Heninger, Media Relations Manager

07525 592 198

annette.heninger@actuaries.org.uk. 

More information on the Quality Assurance Scheme can be found on the Quality Assurance webpages, or by contacting QAS@actuaries.org.uk

Editorial notes:

About the Quality Assurance Scheme Pilot

Five organisations took place in the pilot scheme which took place between July and December 2014: Lane Clark and Peacock, Barnett Waddingham, First Actuarial, BBS Consultants and Actuaries, Towers Watson (UK Retirement Practice only).

About the Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.

Research undertaken by the IFoA is not commercial.  As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest. 

Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.

Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.

Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.

The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.