Operating in highly regulated markets and territories requires diverse teams across organisations to work together in a carefully coordinated way to help manage risk. Operational management, often as the first line of defence, are responsible for maintaining effective internal controls and for executing risk and control procedures on a day-to-day basis. Regulations and standards set by Lloyd’s, the FCA, PRA and overseas equivalents are numerous, complex and can be introduced or changed at short notice.
It can therefore be a huge challenge to ensure that adequate managerial and supervisory controls are in place to ensure compliance across 100% of policies and to highlight control breakdowns, inadequate processes and unexpected results as they happen. Without effective controls in place, organisations could face:
- Regulatory backlash in terms of business restrictions
- Compliance risks for issues linked to territory
- Financial punishment and reputational damage
Such risks are amplified when data is incomplete and lacks quality.
WHERE DQPRO FITS:
DQPro is a flexible, automated tool that can check for compliance across 100% of policies/data held and flag non-compliance, control breakdowns or unexpected results instantly to nominated managers or those that oversee risk. In addition, DQPro provides both evidence of compliance and an audit trail of how control breakdowns and non-compliance have been remedied. This enables internal governance functions to accurately assess and report how well they are doing at the moment and track improvements over time.
By establishing a flexible set of compliance checks, each with an associated audit trail, DQPro can help ensure that all inbound risk falls within established parameters without breaching trading rules between carriers, brokers and regulators.
DQPro’s transparent, independent and objective results can be trusted by governing bodies and senior management alike to provide the confidence that their organisation is ‘doing the right things’ to manage risk.
By quickly deploying DQPro you can:
- Ensure compliance and make sure business carried out in territories is permitted and meets local laws and regulations.
- Increase the quantity and timeliness of compliance checks – resulting in efficiency savings compared to traditional compliance exception reporting.
- Ensure that all data is checked – not just a sample. Adding human headcount is a not a sustainable solution. DQPro provides a scalable platform to meet demands of carrier compliance teams as the business grows.
- Ensure all compliance data is auditable – All user steps and changes are recorded automatically, providing vital evidence for internal audit and regulators.
- Improve compliance confidence – with improved visibility and coverage.