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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.

Stratiformis

  • Formed in 2007 to deliver Strategic Advisory and Transformation Delivery Services
  • Unique mix of business, IT and change skills that provide a broad understanding of the drivers, challenges and methodologies for the successful implementation of change within an organisation
  • Operating predominantly in the Insurance and the Telecommunication sectors
  • Highly experienced consultant team working in close partnership with our clients

Contact us

Stratiformis Consulting Ltd
68 Lombard Street
London, EC3V 9LJ
Phone: 020 786 81817
Fax: 020 786 81800
Email: enquiries@stratiformis.co.uk