Nick Ong-Seng, Chair of the Quality Assurance Scheme Committee, outlines the importance of attesting to quality through the IFoA’s QAS scheme.
The importance of maintaining quality within professional services can never be overstated. Yet at a time when both clients and employers of actuaries are expecting the highest levels of technical competence and integrity underpinned by professionals acting in the public interest, there is an ever greater need to evidence how the quality of actuarial work is being upheld.
The IFoA’s Quality Assurance Scheme (QAS) seeks to address this need. Representing an objective and consistent standard for quality, QAS enables organisations to demonstrate their commitment to meeting the highest quality standards across the profession.
QAS is based around the fulfilment of three integrated quality outcomes:
By adopting an outcomes-based approach, QAS recognises that quality requires an holistic approach taking into consideration not just the individual competence and technical expertise of actuaries, but also the continued support for their professional development and a working environment that maintains appropriate quality controls at an organisational level.
QAS is a voluntary accreditation scheme, and membership continues to grow year on year. Applying for QAS accreditation is open to any organisation that employs one or more IFoA members undertaking actuarial work, with the granting of accredited status subject to an independent review and ability to meet the QAS quality outcomes.
All QAS accredited organisations are invited to join the IFoA forum dedicated to quality, where quality representatives meet regularly to share their experiences amongst peers, gain best practice insights from a diverse range of firms both UK and international, and hear directly from the IFoA on forthcoming developments.
QAS organisations are also able to participate in the QAS Continuing Professional Development (CPD) scheme, operated exclusively for those with QAS accreditation. The scheme represents a quality-focused approach to professional development, with QAS CPD organisations exempt from the IFoA’s CPD scheme, by virtue of their commitment to ongoing quality monitoring under QAS.
Like the IFoA, QAS is truly international in its coverage, and is open to all organisations employing IFoA members globally. Having grown from its initial UK launch, QAS has since expanded internationally and includes accredited organisations from such geographies as Malaysia, Singapore, Thailand, Nigeria, Kenya, India and the UAE. In this regard, QAS is not limited to local standards; it is setting the global standard for quality.
Nevertheless, whilst QAS continues to grow and expand its footprint, it maintains a definitive commitment to its incumbent members. Recent initiatives aimed at simplifying monitoring requirements, showcasing best practice and leveraging synergies with the Practising Certificate scheme are all reflective of the desire to provide continued insight and benefits to accredited organisations.
Ultimately, QAS is about maintaining public confidence in the actuarial profession. Now in its 10th year of operation, QAS represents the collective dedication of the profession to maintaining quality, with QAS accreditation an international symbol of quality standards, compliance and a commitment to continuous improvement.
So when it comes to quality, QAS is not just setting the standard for actuaries worldwide; it is a clear demonstration for how quality can be maintained within professional services.
If you wish to find out more about the QAS or are interested in applying for QAS accreditation, please email qas@actuaries.org.uk
