The Institute and Faculty of Actuaries (IFoA) has launched a monitoring scheme in a bid to improve the effectiveness of actuarial regulation and promote ongoing improvement across the profession.
The Actuarial Monitoring Scheme (AMS) is designed to provide meaningful feedback to members and their employers, provide evidence of the quality of actuarial work, and promote best practice through the introduction of regular thematic reviews and data gathering activities.
The launch of the monitoring scheme comes after the IFoA consulted on proposals to introduce monitoring of the quality of actuarial work last year.
As a result of the consultation, the IFoA's regulation board decided to also introduce regular thematic reviews looking at particular topics, roles and/or areas of work relevant to actuaries; as well as data gathering activities on a scheduled and ad hoc, thematic basis.
The IFoA said the outcome of these reviews and data gathering will be used to continuously improve, and, if necessary, adapt the AMS, to ensure that those forms of monitoring are working effectively. The first of the thematic reviews will commence in 2020.
The Financial Reporting Council - the body which sets technical actuarial standards and oversees the IFoA's regulation of the actuarial profession in the UK - welcomed the move.
Chief executive Stephen Haddrill commented: "We welcome the IFoA's new monitoring scheme which will provide insight into the quality of actuarial work and the effectiveness of actuarial standards.
"By promoting best practice and the importance of actuarial work the new scheme is a positive step for the actuarial profession."
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