The Institute and Faculty of Actuaries (IFoA) has launched its Actuarial Monitoring Scheme (AMS) with the announcement of two thematic reviews.
It is hoped that the AMS will boost the effectiveness of actuarial regulation in the public interest, provide feedback for members and employers, and promote continuous improvement.
The two reviews will take place in 2020 with a focus on general insurance and pensions, which have been identified as areas that could provide useful insight.
This will involve an assessment of how work is being carried out in practice by actuaries, allowing the IFoA to then share feedback with members and businesses.
The insights gained from the reviews will be used to ensure standards, guidance, CPD events and qualifications are as effective and relevant as possible.
"By promoting best practice and the importance of actuarial work, the scheme is a positive step for the profession," Financial Reporting Council chief executive, Stephen Haddrill, said.
"We welcome the IFoA's new monitoring scheme which will provide insight into the quality of actuarial work and the effectiveness of actuarial standards."
Specifically on pensions, the review will examine current actuarial practices, including how factors such as commutation at retirement are determined for schemes.
For insurance, the review will look at how actuaries' advice can impact the pricing of financial products provided to the public, and the challenges they face giving this guidance.
The Thematic Review Programme will be delivered by a new Actuarial Review Team consisting of very experienced actuaries recruited by the IFoA for this purpose.
"The IFoA looks forward to engaging with members and employers on these important topics," the IFoA said. "Please get in touch if you think that you or your organisation could contribute."
More information about the reviews will be shared over the coming months via newsletters, conferences and events. More can also be found on the IFoA's actuarial monitoring pages.