The Quality Assurance Scheme (QAS) recognises that actuaries do not work in isolation from the organisations within which they work. It recognises the importance of the working environment in enabling Members to fulfill their professional responsibilities. QAS also recognises the validity of appropriate monitoring of quality controls at an organisational level.
The objectives of QAS will be familiar to most organisations: to promote effective quality assurance at an organisational level and so the quality of actuarial work; to promote confidence in the work of actuaries; and to provide a mechanism by which to identify issues affecting the quality of actuarial work.
It is part of a range of measures that focus on ensuring Organisations have a culture that supports actuaries in producing good quality work and on confirming that appropriate policies and procedures are in place to assure the quality of actuarial work produced by IFoA members.
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.
The QAS mark demonstrates, by way of independent assessment, an organisation’s commitment to promoting high quality actuarial work.
This will assure the quality of your actuarial work and result in better outcomes for the business. You will also be in a better position to align your own business processes with the professional requirements and standards imposed upon your employees.
The QAS provides benefits to any type of organisation that employs actuaries, including insurance companies, reinsurers, consultancies and regulators.
We understand that timing may be a crucial factor in your decision to apply. However, the nature of the application and assessment process means that getting feedback from an independent team can assist with implementing changes. It can also be a good way to galvanise an actuarial team or department.
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.
In the UK there is an annual fee payable and the band of fee (there are four) will depend on the size of your organisation.
It is necessary to charge a fee in order to ensure that the QAS is an effective accreditation scheme which provides real benefits for those who participate in it and an annual fee is seen as the most simple and straightforward approach.
The fee structure has been designed to be fair as possible and to make the QAS as accessible as possible for all potential applicants.
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. Applications can be made at any time.
Yes, as long as it is a clear, separately identifiable part of the organisation.
The precise dates for assessment will be agreed between the organisation and the assessment team but can start quite soon after the application is made.
The Senior Quality Assurance Representatives Forum comprises senior appointed members of accredited organisations. Their role is to use their influence to ensure that the organisation continue to meet the QAS outcomes and to promote the organisations commitment to quality assurance. The role of the SQAR Forum 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.
Organisations can apply for accreditation by completing and submitting the Application Form by email to email@example.com or by post to:
Institute and Faculty of Actuaries
Level 2, Exchange Crescent
7 Conference Square
Edinburgh EH3 8RA.