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This paper aims to describe an internal quality enhancement system based on peer reviewing and summarizes the first results of application at the Budapest University of Technology and Economics Faculty of Economic and Social Sciences.

A peer review framework has been developed to evaluate and further develop the teaching programs and practices. The questionnaire-based peer review program included 22 courses and involved almost 100 lecturers. Peer review outcomes are completed by end-of-semester student course evaluations.

The results allow us to map differences between lecturers and courses and to identify correlations between the assessment criteria applied for peer reviewing.

The implemented framework implies individual, faculty and organizational development to enhance a deeper understanding of how to create quality in teaching programs and processes. Secondly, the peer review program contributes to the establishment of a learning community with a growing common understanding of what is considered good quality in business education.

The paper is valuable as a guide to faculty management wishing to implement a peer review framework within their own institution. The novelty of the presented approach is that it focuses on a semester-long teaching performance including classroom performance, course outlines, teaching materials, course requirements and processes and means of student performance assessments.