Nick Ong-Seng, Chair of the Quality Assurance Scheme Committee, outlines a principal benefit available to all QAS accredited organisations with its outcomes-based CPD scheme.
People are our most important asset. At a time of unprecedented technological advances driven by AI and machine learning systems, the importance of investing in people can all too often be overlooked.
Yet there has never been a greater need to ensure that people development remains a priority for actuarial organisations. The onset of evolving regulatory, ethical and practising standards means that actuaries need to maintain the requisite knowledge and skills to operate at the forefront of the profession.
The IFoA’s Quality Assurance Scheme (QAS) ensures a consistent standard in quality for actuarial organisations worldwide, centred upon fulfilment of its three quality outcomes: Professionalism, Development and Training, and Organisational Culture.
Such an outcomes-based approach is maintained in the QAS scheme for Continuing Professional Development (CPD). Available to all accredited QAS organisations, QAS CPD is designed with a focus on the learning and development outcomes of members, avoiding prescription in either the minimum level of CPD required, the requirement for CPD record keeping, or the method of CPD delivery.
In this regard, QAS CPD empowers actuarial organisations to tailor CPD programmes to the specific needs of their people. Recognising that learning and development goals will naturally differ between individuals, QAS CPD places the emphasis on the delivery of personalised outcomes to achieve these goals. A one-size-fits-all approach to CPD need not apply under QAS.
With its outcomes-focused approach, QAS CPD is intentionally designed with flexibility in mind. It enables CPD to be delivered in accordance with the needs of individuals and tailored to best fit the organisation, irrespective of scale.
Moreover, the degree of flexibility applied is entirely at the organisation’s discretion. A prescribed approach to minimum CPD hours can still be maintained, or alternatively contribute towards a phased approach while the organisation transitions to a more flexible delivery.
CPD record keeping can be as sophisticated as the organisation chooses, whether localised or as part of an enterprise-wide system. Similarly, the balance between in-house and external CPD delivery can be varied based upon the available resources and the specific outcomes to be achieved.
Such flexibility is also an enabler for incorporating CPD into the wider performance management of organisations. QAS CPD can be fully aligned to the existing performance management cycle, allowing CPD to become a natural extension of individual performance discussions.
A more holistic approach to CPD can therefore be achieved, with actuarial teams partnering with HR colleagues to design and deliver against learning-based outcomes informed by the first-hand understanding of the business.
A recent IFoA survey of QAS CPD participants highlighted the benefits of joining the scheme. From the 77% overall response rate, 100% of respondents considered QAS CPD to be a valuable component of the wider QAS accreditation. In addition, 100% of respondents reported that their staff are benefiting from the flexibility and structure that the QAS CPD scheme provides.
Organisations felt that QAS CPD enabled a shift away from CPD being viewed as a tick-box exercise, becoming appreciated and welcomed by individuals. Employee engagement was seen to considerably improve under QAS CPD, giving individuals the flexibility to select the amount and type of CPD that best met their needs. It also facilitated greater alignment to the strategic goals of the organisation, with the scheme creating a relevance to CPD delivery that directly supported business needs.
At a time when the value of skilled members of the actuarial profession cannot be underestimated, the need for organisations to demonstrate commitment to the development of their people is of paramount importance.
Available for all QAS accredited organisations to join, the QAS CPD scheme can instil tangible improvements to the quality, engagement and delivery of CPD, driving employee satisfaction through a culture of continuous improvement. In the words of one member when reflecting upon their decision to join QAS CPD, “It’s a no-brainer”.
If you wish to find out more about the QAS CPD scheme or are interested in applying for QAS accreditation, please email: qas@actuaries.org.uk
