The Institute and Faculty of Actuaries' Quality Assurance Scheme (QAS)
The QAS is a voluntary global accreditation scheme for organisations that employ actuaries.
The objectives of the QAS are to promote quality assurance at an organisational level; to promote confidence in the work of actuaries; and to provide an important mechanism to identify issues affecting the quality of actuarial work.
We have set out below additional information about the QAS and details of how to become accredited. There is also a section for SQARs (Senior Quality Assurance Representatives) at organisations who are QAS members.
If you are considering making an application for accreditation and would like to discuss any aspect of the Scheme prior to applying, please use the details at the bottom of this page to get in touch.
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Mamata Pandey Consulting Actuary Lux Actuaries and Consultants
Mamata Pandey talks about the QAS and how it gives both clients and employees confidence in the company.
We found the process of gaining accreditation to be very smooth. All relevant information was available in the QAS Handbook and a conference call with the QAS team provided an opportunity to clarify the process and gain further insight.
Though most of our policies and procedures were in place, putting them together for review by the QAS assessment team was a useful process in itself as it provided an opportunity to review them internally in a holistic manner and fill in any gaps identified.
The assessment process was also insightful as the approach was not about fault-finding, instead it was about finding ways to facilitate further improvements. We felt supported throughout the process. The responses from the IFoA and the external assessors were fast, clear and effective.
As well as the benefits mentioned above, we also found that there are benefits relating to the satisfaction that came from gaining a global accreditation.
Management is excited, employees feel empowered, and clients have comfort that they are conducting business with a professional organisation.
Welcomed by the Financial Reporting Council
The IFoA's QAS acreditation is welcomed by the Financial Reporting Council.
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.
The Financial Reporting Council (FRC)
Find out more about the QAS
Quality Assurance Scheme
QAS Team, Institute and Faculty of Actuaries, Level 2 Exchange Crescent, 7 Conference Square, Edinburgh, EH3 8RA
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