"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."
Issued by the Financial Reporting Council (FRC), June 2015
The IFoA introduced the Quality Assurance Scheme (QAS) in recognition of the importance of working environment to a member's ability to produce high-quality actuarial work. Applying quality processes will lead to quality outputs.
The QAS launches on 1 September. Here are a few things you should know:
The review process is qualitative. Your assessment report will make suggestions and recommendations that will be right for your organisation
The assessment ensures the right policies and processes are in place. You will benefit from having an independent assessment team spend time at your organisation to get a real sense of the culture and determine whether your processes are properly embedded.
Getting ready for the assessment is a valuable part of the process
Organisations who took part in the pilot scheme found getting ready for their review was useful in itself.
"It might not be why people sign up in the first place as there is lots of value in going through the audit process. I would recommend the process to anyone." said Paul Bunzl, BBS Consultants and Actuaries.
You can read more about people's experiences of taking part in the scheme on the IFoA’s website
? QAS is a voluntary scheme. It is open to any UK organisation, or identifiable part of an organisation, that employs IFoA members.
? The scheme is initially open to organisations based in the UK and once established, its geographical scope will be widened.
? Sign up from 1 September.
? All organisations who sign up by 1 November will have their assessment carried out by spring 2016.
? The first awards will be announced late in spring 2016.
? The scheme opens on 1 September.
For more information, or to register to take part, please visit the IFoA’s website