Regulatory Data Quality Control Framework

The Challenge

A market leading insurer needed to address data completeness and data quality concerns as well as demonstrably respond to regulatory demands for greater controls over processes impacting data quality. However, the organisation didn’t have an approach or method to respond to this requirement that reached across branch office and head office underwriting and claims functions and high volume Coverholder (wholesale) insurance lines.

Our Approach

Accountable to a Regulatory Steering Committee and working with our client’s compliance and Data Quality functions we assembled and led 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. Our project encompassed the design and implementation of a comprehensive operational data quality control framework including:

• Identifying the current state process and control situation
• Mapping the regulatory demands onto the organisation to determine the scope
• Creating an ‘operational control framework’ that defined the control principles
• Refined the framework to handle the diverse range of scale, structure, and business process across each of the branch offices and the head office functions.

By translating these control principles into local solutions we were able to design and agree the controls and oversee the implementation of the controls by the local operational management.

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.