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Quality Assurance Scheme (QAS)

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.

Respected by the sector

 Mamata Pandey Consulting Actuary Lux Actuaries and Consultants 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

Contact Details

Quality Assurance Scheme

qas@actuaries.org.uk

QAS Team, Institute and Faculty of Actuaries, Level 2 Exchange Crescent, 7 Conference Square, Edinburgh, EH3 8RA

Filter or search events

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E.g., 24/02/2021
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Events calendar

  • Sub-Saharan Africa Town Hall

    26 February 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual SSA Town Hall 2021, hosted by John Taylor with IFoA Council Members Mukami Njeru, Prosper Matiashe and IFoA Chief Executive, Stephen Mann.

  • MENAP Town Hall

    2 March 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Middle East, North Africa and Pakistan (MENAP) Town Hall 2021, hosted by John Taylor and IFoA Chief Executive, Stephen Mann. 

  • Spaces available

    COVID-19 has seen a marked increase in mental health issues. We all have mental health and poor mental health has serious consequences for individuals and our workplaces, with it costing UK businesses £33-42 billion annually.

  • The price is righter

    16 March 2021

    Spaces available

    This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.

  • Spaces available

    This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)

     

  • Spaces available

    What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code?

    • How does effective stewardship create long term value for beneficiaries?
    • What roles do asset owners and asset managers play in active stewardship?
    • A practical approach to stewardship reporting
  • Spaces available

    Income drawdown products offer an investment strategy to generate an income in retirement.  However, for those needing to decumulate their capital to provide a sufficient income in retirement, sequencing risk is high.  This is the risk that poor returns are experienced when capital is highest (in the first part of the decumulation phase) and good returns when capital is lowest (in the last part).   It is very difficult to recover from this risk, if it is realised.  This means that income drawdown products are not very resilient for those needing to decumulate their capital.