Regulatory Data Quality Control Framework 2
Summary
Design and implementation of a comprehensive operational data quality control framework across middle office and back office underwriting and claims functions for a city based insurer.
Challenge
This market leading insurer needed to respond to regulatory demands for greater controls over processes impacting data quality for its high volume Coverholder (wholesale) insurance lines but didn’t have an approach or method.
Approach
Stratiformis lead a team to respond to the need for regulatory compliance with the Lloyd’s Control Framework and regulations over Conduct Risk for Insurers from the PRA.
By undertaking an audit on the range and volume of Coverholder business across all lines of business, we reviewed the current state process and control situation. Identifying the key control gaps we defined a uniform approach for controls across the lines of business for underwriting and across claims functions.
Outcome
Following the design and implementation of the controls in each of the business units, an Internal Audit was performed to validate the design and implementation and approve the controls to the board, resulting in the client being able to attest to regulatory compliance.