HS Actuarial – which has recently become Goddard Perry Actuarial – achieved QAS accreditation in July. In this blog entry, actuary and ‘SQAR’ Chris Bunford outlines his experience of the QAS accreditation process and what it means to Goddard Perry Actuarial.
Having worked in larger actuarial consultancies all my professional life I was lucky enough to become the fourth member of the Goddard Perry Actuarial team in October 2022.
One of the first things Scheme Actuary, David Pettitt, talked to me about was his desire to continually support our people to be the best that they can be and achieving the QAS accreditation seemed a good way of doing that – as I’ve worked with professional standards in the past, I was keen to take it forward.
I was immediately struck by the open and honest culture that was fundamental to and seemed so natural in the way the team interacted.
We all work closely together, so generally see any errors and near misses that occur. But there’s a real willingness and desire to share any learning experiences with those of the team that weren’t involved.
Whilst being a small team helps in that regard, it’s also down to the team being comfortable with each other, with no sense of ‘blame’ and just a real commitment to keep the team improving.
I’ve definitely found that good people breed good practice – not just technically good people, but those that create an environment where their colleagues feel valued and accepted enough to share the things that haven’t gone so well for the benefit of all.
I’d imagined some of the QAS requirements would be more difficult for a smaller firm, given the additional resources and technical specialists that larger firms possess.
Embarking on the process proved quite the opposite, with a number of advantages to having a smaller team:
Sharing experience is easier in a smaller team – we already had regular meetings in which experience was shared so we decided to formalise certain meetings as focusing on areas such as technical developments, doing things better and professionalism
It’s easier to apply a standardised approach – we agree between ourselves the best way of doing things and then it’s natural we all do things the agreed way
Training can be specifically targeted at each individual’s needs, and for me, as Senior Quality Assurance Representative (SQAR) for the QAS accreditation scheme, that is much easier to see when I work with the whole team.
The firm already had sensible written policies in place, so the main thing involved in preparation for QAS accreditation was a formalisation of the processes already being followed.
When we first engaged with the IFoA team regarding the QAS accreditation I wasn’t expecting the first word I would use to describe the processes to be “enjoyable”, but it really was a lovely experience:
Our initial internal review of our processes was a true feel-good experience that made us appreciate how much good practice was already built into what we do
The team organising QAS accreditation were lovely and couldn’t be more helpful throughout the process. They were always positive and so friendly
The review itself felt very collaborative and open. The reviewers were definitely there to help us improve and it made for useful conversations that led to…
Recommendations that were really helpful – we’ve implemented a number of them already and have planned further improvements to our practice.
I can’t thank the QAS team enough for working in that way.
We’re also really proud to show the rest of the pensions world our accreditation – those that have worked with us for a long time know our commitment to cost-effective quality, but it can be challenging for a smaller firm to broaden that reputation throughout the industry.
I was keen to make sure all our processes met all the QAS criteria before making contact with the IFoA, ready to be able to show we were compliant in every last detail. But having been through the process, I would definitely recommend making contact earlier.
The QAS team are there to help you improve your processes and direct you towards the best ways of working, so you find that the review itself helps you to refine the processes on your path to QAS accreditation.
It’s a really worthwhile process. Maybe you can start your QAS journey today!
The QAS recognises organisations that have demonstrated their commitment to three outcomes: Professionalism, Development and Training, and Organisational Culture. The scheme was established in 2016 and now covers 15% of the IFoA’s global membership and a quarter of its UK membership through 42 accreditations. The QAS is open to all employers committed to creating a working environment that supports actuarial excellence. Find out more on our Quality Assurance Scheme web page.
