Having a robust quality assurance team in place is important for any firm, but particularly for FCA regulated companies such as banks, insurance brokers, lenders and mortgage brokers, among others. Having a good quality assurance system in place will help to ensure that your company is complying with FCA regulations and running effectively, with customers at the centre of your company’s focus.
Enterprise Learning has conducted research on good and bad practices for quality assurance. Below we have listed 9 key drivers that firms should focus on to ensure their quality assurance procedure is performing well.
What are the drivers?
Customer focused culture
Your customers should be at the heart of your strategy and leadership behaviour. Do you prioritise the expertise of your customer facing staff
Assessments that focus on customer outcomes
Do you have a central, formal version of your QA assessment tool that is used by all parties when observing customer interaction?
Do you focus you QA on the products and customer groups with the most potential risk?
Quality Assurance grades have sufficient granularity
Do you have definitions for each of your QA grades and are they well understood by those applying them?
Clear policies, standards and guidance
How concise are your policies, and are they easy to understand by all managers and advisers?
Robust systems and processes
Are your QA systems bespoke to your individual firm’s procedures, and are all roles and responsibilities clearly articulated within it?
Effective monitoring and reporting
How frequently to do you monitor and report on live quality assurance assessments?
Constructive feedback and coaching
Is feedback provided as soon as possible and do you have a centralised process and documentation for it?
Practical training and competence
Do you have comprehensive and clearly defined KPIs as well as well-structured, consistent training methods?