The IFoA has introduced a new system for monitoring the work of actuaries. The Actuarial Monitoring Scheme (AMS) is designed to improve the effectiveness of actuarial regulation in the public interest, provide meaningful, credible, independent feedback to members and their employers and promote ongoing reinforcement and continuous improvement.
The AMS forms an important part of a professionalism framework designed, through carefully balanced interventions and support, to provide evidence of the quality of actuarial work and to promote best practice. It will allow us to consider, in time, issues of relevance to members across the profession, wherever they are practising.
In the summer of 2018 the IFoA consulted on proposals to introduce monitoring of the quality of actuarial work. Following one of the largest response rates to a regulatory consultation that we have ever received, we announced in late 2018, the decision of the IFoA’s Regulation Board to proceed with the introduction of:
- Regular Thematic Reviews looking at particular topics, roles and/or areas of work relevant to actuaries; and
- Data Gathering activities on a scheduled and ad hoc, thematic basis. To include (but not limited to) questionnaires, surveys, analysis of insights shared by co-regulators, workshops, focus groups and information obtained from the IFoA's Quality Assurance Scheme.
The outcome of these reviews and data gathering will be used to continuously improve, and, if necessary, adapt the AMS, to ensure that those forms of monitoring are working effectively.
For more information please contact the Actuarial Review Team
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