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09

IFoA: Quality assurance

Open-access content Wednesday 4th September 2013 — updated 9.20pm, Thursday 2nd April 2020

The IFoA wishes to invite expressions of interest from experienced and qualifi ed organisations for the provision of monitoring services for the IFoA's quality assurance scheme.

The IFoA does not regulate fi rms and other employers of actuaries directly, but recognises the critical importance of the working environment in which actuaries operate in promoting quality. The IFoA is therefore intending to introduce a quality assurance scheme for organisations that employ or consist of one or more actuaries.

In order to be part of the scheme, organisations will be required to demonstrate the application of policies and procedures in the following areas: quality assurance (including peer review); engagement and communication with users of actuarial work; conflicts of interest; the development, training and support of IFoA members; whistleblowing; handling of complaints about professional matters regarding members of the IFoA or actuarial work; and professional indemnity insurance.

It is currently proposed that the monitoring aspects of the quality assurance scheme will be contracted to an external organisation. It is anticipated that firms will be monitored periodically and that this will involve: a paper review of the organisation's policies in the areas outlined above; and an organization visit to discuss how the policies work in practice with the individuals responsible for the policies, as well as those involved in implementing the policies.

The quality assurance scheme will initially be restricted to organisations or parts of a business that are based in the UK: however the geographic scope may be expanded in due course.

It is intended that the IFoA will launch a pilot scheme in January 2014, which will provide an opportunity to refi ne the regime in advance of the full launch in mid-2014. For further information or to express your firm's interest by 16 September, call 020 7632 2167 or email The IFoA wishes to invite expressions of interest from experienced and qualifi ed organisations for the provision of monitoring services for the IFoA's quality assurance scheme.

The IFoA does not regulate fi rms and other employers of actuaries directly, but recognises the critical importance of the working environment in which actuaries operate in promoting quality. The IFoA is therefore intending to introduce a quality assurance scheme for organisations that employ or consist of one or more actuaries.

In order to be part of the scheme, organisations will be required to demonstrate the application of policies and procedures in the following areas: quality assurance (including peer review); engagement and communication with users of actuarial work; conflicts of interest; the development, training and support of IFoA members; whistleblowing; handling of complaints about professional matters regarding members of the IFoA or actuarial work; and professional indemnity insurance.

It is currently proposed that the monitoring aspects of the quality assurance scheme will be contracted to an external organisation. It is anticipated that firms will be monitored periodically and that this will involve: a paper review of the organisation's policies in the areas outlined above; and an organization visit to discuss how the policies work in practice with the individuals responsible for the policies, as well as those involved in implementing the policies.

The quality assurance scheme will initially be restricted to organisations or parts of a business that are based in the UK: however the geographic scope may be expanded in due course.

It is intended that the IFoA will launch a pilot scheme in January 2014, which will provide an opportunity to refi ne the regime in advance of the full launch in mid-2014. For further information or to express your firm's interest by 16 September, call 020 7632 2167 or email [email protected]

This article appeared in our September 2013 issue of The Actuary.
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