3 July 2015
The Institute and Faculty of Actuaries’ (IFoA) has today announced that the Quality Assurance Scheme (QAS), designed for organisations that undertake actuarial work, will formally launch on 1 September 2015. This is the first scheme of its type that accredits the quality of the business policies and processes which underpin the work of IFoA members.
Organisations that are accredited will be able to use the QAS mark and branding on their communications and marketing materials, giving their clients a new level of assurance in that organisation’s actuarial quality. Once accredited, organisations will be subject to structured monitoring on a periodic basis.
This ground-breaking initiative is open to any organisation (or part of an organisation) that employs IFoA members. Organisations can apply for accreditation from 1 September 2015, with all information needed to assist organisations through the application process available from today via the IFoA website.
To gain accreditation, organisations must demonstrate their commitment to the quality of actuarial work by showing that they maintain and apply high quality policies and procedures, and that they are embedded within the culture of the organisation and are applied by employees. An independent assessment team will undertake the evaluation process, and will also highlight ideas or different approaches that could be taken.
Fiona Morrison, President of the IFoA, comments:
“It is important that actuaries are supported by their employers at both the technical and professional level to enable them to carry out their work to the highest standards. The Quality Assurance Scheme (QAS) is designed to promote effective quality assurance at an organisational level, and will go some way to help reinforce public confidence in the work of actuaries.
“Organisations that hold the QAS credential should find this gives them added advantage as they will be promoting best practice in the actuarial work they produce. I am delighted that, following a successful pilot exercise last year, we have decided to open the QAS up to all organisations that carry out actuarial work in the UK, and look forward to rolling it out further afield in the future.”
Dawn Bardwell, Director of Professional Oversight at the Financial Reporting Council (FRC) comments,
“The FRC welcomes the IFoA’s decision to introduce its Quality Assurance Scheme for businesses that employ actuaries. We firmly believe that excellence in the working environment is essential to maintain and improve actuarial quality in the public interest, leading to better outcomes for customers and businesses alike.
“The FRC considers that the independent assessment of businesses that participate in the scheme will support the Scheme’s effectiveness at achieving these outcomes. We would encourage businesses to join the Scheme.”
~ENDS~
For further comment or to answer any questions that you may have, please contact Annette Heninger, Media Relations Manager at the IFoA, on 07525 592 198 or by emailing annette.heninger@actuaries.org.uk.
For more information, visit the Quality Assurance Scheme pages on our website, or contact 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.