An enhanced system to promote the quality of actuarial work
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The Actuarial Monitoring Scheme (AMS) is a system for monitoring the work of actuaries. It is designed to improve the effectiveness of actuarial regulation in the public interest, provide meaningful, credible, independent feedback to members and their employers and promote ongoing reinforcement and continuous improvement.
The AMS forms an important part of a professionalism framework designed, through carefully balanced interventions and support, to provide evidence of the quality of actuarial work and to promote best practice. It will allow us to consider, in time, issues of relevance to members across the profession, wherever they are practising.
In the summer of 2018 the IFoA consulted on听. Following one of the largest response听rates to a regulatory consultation that we have ever received, we announced in late 2018,听听to proceed with the introduction of:
- Regular Thematic Reviews looking at particular topics, roles and/or areas of work relevant to actuaries; and
- Data Gathering activities听on a scheduled and ad hoc, thematic basis. To include (but not limited to)听questionnaires, surveys, analysis of insights shared by co-regulators, workshops, focus groups and听information obtained from the IFoA's Quality Assurance Scheme.
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.
Resources
Current and planned reviews
