Lay (non-actuary) Chair of the Quality Assurance Scheme Committee

The Institute and Faculty of Actuaries (IFoA) is seeking a new Lay (non-actuary) Chair to lead on the Quality Assurance Scheme (QAS) – an innovative global accreditation scheme for organisations that employ actuaries.

Application closing date: 30 May

Background

The IFoA’s Quality Assurance Scheme (QAS) Committee is tasked with overseeing the voluntary accreditation scheme for organisations, known as the Quality Assurance Scheme on behalf of the IFoA’s Regulatory Board.

The QAS has been in operation since 2015 and has become a key IFoA global initiative. There are now 42 organisations that hold the QAS accreditation, 32 of which are based in the UK and 10 located across Malaysia, Hong Kong, Thailand, Nigeria, India and UAE.

The Lay Chair of the Committee will have an important role in overseeing the quality, consistency and transparency of the application and admission policy. It is vital that the highest standards of governance, fairness and independence apply to the application and admission process.

Read more about QAS

The QAS Committee reports to the Regulatory Board and is responsible for awarding accredited status to organisations (on the basis of recommendations made by an independent assessment team) and for monitoring those accreditations once awarded. It also provides recommendations to the Regulatory Board in relation to its operation or any issues.

Read the QAS Committee terms of reference

Vacancy

With the tenure of the current Chair coming to an end, the IFoA is now seeking to appoint a Lay (non-actuary) member to take up the role of Chair and work with the IFoA Executive and the Committee.

If you are interested in this role and would like an informal conversation prior to submitting your application, please contact the QAS Manager Darren Kerr at darren.kerr@actuaries.org.uk 

 

Task specification

The successful candidate will be required to lead the Committee in its role of:

• working in partnership with the QAS Executive to oversee the operation of the QAS as set out in the QAS Handbook
• determining applications from organisations for QAS status
• considering any issues arising in relation to organisations holding QAS status and deciding whether any further steps are required
• reviewing and developing, with the QAS Executive, regulations, procedures, and guidelines for the effective operation of QAS
• raising awareness of the QAS
• reporting to the Regulatory Board on the operation of the QAS including issues, trends and themes emerging of the regulatory strategic importance
• the effectiveness and performance of the Committee

More specifically, the Chair will be required to:

• chair meetings of the QAS Committee
• decide with the QAS Executive what is to be included on the meeting agenda and to determine whether additional meetings/calls are required
• work with the QAS Executive to ensure meeting papers are of appropriate quality and clarity
• work with the Executive team to ensure Regulatory Board is briefed regularly on the QAS and the work of the QAS Committee and, when required, attend Regulatory Board (or other) meetings
• participate in, and contribute to, activities designed to promote awareness of the QAS and encourage participation, as appropriate
• work with the QAS Executive to review, and oversee development of the Scheme
• input into the strategic development and implementation of the Quality Assurance Scheme, as a key part of the IFoA’s regulatory framework, in conjunction with the Regulatory Board
• act in accordance with the IFoA’s Governance Manual and any delegated authorities
• ensure that the members of the QAS Committee are effective in the execution of their duties
• be an advocate for volunteers in respect of agreed behaviours and ‘Mutual Expectations’

The Chair shall report to the Regulatory Board and other members of the Committee will report to the Chair.

Person specification

The Chair will have a pivotal role in the success of the QAS and, as such, we are looking for a candidate who has considerable relevant experience at a senior level.

Applications are sought from individuals from a Lay (non-actuarial) background. The presence of a Lay Chair provides a degree of independence and an external perspective to decisions about the QAS, both in terms of specific applications and its strategic direction.

The successful applicant’s experience and authority must command the support of the profession in being capable of meeting the objective of promoting a working environment that is most conducive to the production of good quality actuarial work.

The successful applicant must therefore have:

• considerable recent (within the last 18 months) experience working within an organisation at a senior level in a relevant area (for example financial services, professional services, education or compliance), ideally for at least 10 years
• strong chairing qualities with a proven track record of achievement
• strong leadership skills and the ability to foster good relationships with key stakeholders
• a solid understanding of good practice policies and procedures in relation to quality assurance in the workplace
• presence and credibility to deal effectively with senior members of the IFoA, the QAS Committee and the Regulatory Board
• a sound understanding of Corporate Governance obtained through participation or involvement with senior level boards and committees
• an understanding of the professional role of actuaries and the work that they do
• an understanding of how Professional Bodies operate and about the implications of a self-regulating function

It would also be desirable for the candidate to have:

• experience of operating, overseeing or otherwise being involved with accreditation processes
• experience of making, implementing and inputting at a senior level into, decisions about quality assurance processes and procedures
• proven experience of driving forward new projects and initiatives, particularly those that are innovative or untested
• an understanding of the wider Financial Services regulatory framework, particularly of markets in which actuaries operate
• experience of working in international markets

Time commitment

Currently there are around 6 meetings per year lasting approximately 2 to 4 hours with ad-hoc follow up calls sometimes being required. Post-holders will also be required to allocate time to read papers in advance of meetings.

Members of the Committee are based around the globe therefore those meetings will usually be conducted virtually by way of Microsoft Teams, with the intention of one meeting being held in person each year.

The nature of the Chair’s role means that they will be required to attend meetings with stakeholders or events, from time to time.

The Chair will also be required to attend and present at Regulatory Board meetings on the work of the Committee, usually on an annual basis.

Remuneration

An honorarium of £600 is payable per 7-hour day, plus reasonable travel expenses.

Term

The appointment would be for an initial 3-year term, renewable on a discretionary basis for a further 3 years.

Confidentiality

As the Committee may deal with issues that are potentially commercially sensitive, the Chair will be required to declare any conflicts of interest (including apparent or potential conflicts) and will also be required to keep information confidential.

How to apply

If, having read the documents above, you would like to express an interest in joining this Committee, please email hrsupport@actuaries.org.uk by the closing date of 30 May 2024, providing:

• brief details of your relevant experience
• your reason(s) for wishing to get involved
• a brief copy of your CV and full contact details

We are committed to promoting diversity, equality of opportunity, and inclusion, within all our vacancies and we actively encourage applications from a diverse range of potential candidates. Recognising and embracing the unique and diverse talents of our volunteers is fundamental to the success of our organisation.

Volunteering provides you with a wide range of opportunities. With all rights and opportunities come responsibilities and we ask all our volunteers to comply with the terms of the IFoA’s Governance Manual and Volunteer Information Pack (VIP). Before offering to provide support, please view our ‘what you need to know’.