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FAQs

Importance and benefits of the QAS Scheme

  • Why is it important?
    The QAS mark demonstrates commitment to high quality work. The accreditation involves independent assessment that the right policies and procedures are in place to ensure that a high level of quality is embedded in the working environment of the Organisation. You will also be in a better position to align your own business processes with the professional requirements imposed upon your employees.
  • What are the benefits if I am a large Organisation?
    The QAS mark will demonstrate that you have the right working culture to get the best from your employees. A supportive work environment leads to a high quality of work resulting in better outcomes for the business, for clients and for gaining a competitive edge. As a large employer you need to attract and retain the best talent, the QAS mark will demonstrate to actuaries and other potential employees that you value and are committed to excellent actuarial work.
  • What are the benefits for small and medium sized consultancies?
    The QAS mark will be a useful marketing tool for your organisation in terms of actuarial service, for example, when tendering for work. You can use the QAS mark on your marketing material and stationery to communicate your achievement of the accreditation and your association with the IFoA globally recognised brand. You have the opportunity to share experiences and how others do things with other Organisations, both large and small through the Senior Quality Assurance Representatives Forum.
  • What are the benefits for me as a public body?
    Acting in the public interest, the IFoA has a role to promote high quality actuarial work in Organisations where our members are working. Ensuring the right policies and processes and culture are in place and are being applied will lead to better outcomes for the public. Being part of the QAS means demonstrating that an Organisation is meeting the high standards required of accredited firms. For those who have a regulatory function, it means showing that the Organisation is at least meeting the same standards in terms of quality assurance as those who it regulates.

About the QAS Scheme

  • What does the Scheme entail?
    The QAS is outcomes focused and looks at whether an organisation is meeting those outcomes, rather than on how it achieves them. This is a voluntary scheme open to any organisation (or identifiable part of an organisation) that employs IFoA members, irrespective of the type of work they do. An independent assessment team will conduct qualitative interviews with a range of staff. As well as seeing that an organisation has in place appropriate policies and procedures, they will be looking at whether they are embedded within the culture and are being applied by employees.
  • Why is the fee structured in this way?
    The QAS is a not-for-profit initiative. It is necessary to charge a fee in order to cover costs and ensure that the QAS is an effective accreditation scheme which provides real benefits for those who participate in it. An annual fee is seen as the most simple and straightforward approach and the fee structure has also been designed to be as fair as possible and to make the QAS as accessible to any potential applicant.
  • How does an organisation apply?
    If your organisation wishes to apply for the QAS you will need to complete and return an application form. These forms are available on our Quality Assurance Scheme (QAS) page.
  • How soon after application will the assessment happen?
    The precise dates for assessment will be agreed between the Organisation and the assessment team.
  • What is the role of the Senior Quality Assurance Representatives Forum?
    The Senior Quality Assurance Representatives Forum comprises senior appointed representatives of accredited firms. Its role is to share good practice on processes and procedures amongst participating organisations and to discuss relevant issues. It will work in partnership with the IFoA to develop relationships with regulators and other external stakeholders. Special seminars and training events will be open to participants on current hot topics.

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

Start date
E.g., 20/10/2020
End date
E.g., 20/10/2020

Events calendar

  • GIRO 2020 Virtual Conference

    Available to watch globally in November.
    02-13 November 2020
    Spaces available

    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area

  • Life Conference 2020 Webinar Series

    Online
    16 November 2020 - 27 November 2020

    Spaces available

    This year's Life Conference has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the life insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's website.

  • Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Spaces available

    Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report. 

  • Spaces available

    Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.

    We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.