Optimizing Quality Management Documentation for SQMS No. 1
To ensure compliance with the Statement on Quality Management Standards No. 1, firms must create a comprehensive and right-sized quality management documentation. The standard, which becomes effective on December 15, 2025, requires more than just a static document.
A Firm’s System of Quality Management should be a living QM system that is designed, implemented, operated, and evaluated on an ongoing basis.
Here are some practical tips to keep documentation appropriate and comprehensive, yet right-sized. The goal is to have a system that is effective and efficient, meeting the requirements of the standard while avoiding unnecessary complexity.
- Design a quality management system that is tailored to the firm's specific needs and risks.
- Implement the system in a way that is consistent with the standard's requirements.
- Operate the system on an ongoing basis, with regular evaluations and updates.
By following these tips and creating a right-sized quality management documentation, firms can ensure compliance with SQMS No. 1 and maintain a high level of quality in their operations.
Author's summary: Right-size your quality management documentation for SQMS No. 1 compliance.