The Challenge
Few of our insurance clients need independent expertise and support to perform comprehensive Regulatory Gap Analyses performed against new and evolving requirements as they arise. This analysis is typically a timeboxed and focussed piece of work aimed at review and assessment of existing policies, processes, controls, and governance arrangements to identify gaps, prioritise remediation, and produce a high level, meaningful compliance roadmap.
Our Approach
Working closely with the primary stakeholder group (typical sponsor for such activities would be COO, CRO, CCO), we delivered an end-to-end Regulatory Gap Analysis covering all key requirements against current state capabilities. This was conducted in a structured manner, and with focus on identifying and agreeing the key areas of risk remediation.
A key success factor for such an exercise is to ensure the gap analysis becomes a catalyst for long-term improvement rather than a one-off exercise.
The Outcome
A collaborative and valuable engagement. Stratiformis helped break down a complex regulatory subject matter into clear, actionable plans and business outcomes, and supported the end-to-end shaping and implementation of the program over 18 months. Having a trusted advisor and SME alongside our team meant a more efficient and focused delivery overall.
Stratiformis engaged in a focussed and accelerated manner to develop a comprehensive operating model capability breakdown, along with identification of the firm’s critical business processes Given the breadth of stakeholders and the inherent complexity of the processes, this work required both rigor and strong business insight — all of which Stratiformis delivered with diligence and professionalism.