Our client is a leading provider of reinsurance and insurance, in the wholesale and retail markets. It also has asset management activity, managing the assets generated within the reinsurance business. Established over 150 years ago and headquartered in Europe, it has a wide geographic footprint across Europe, APAC and LatAm.
The client’s strategy is to be very pro-active in keeping ahead of regulatory developments. They tend to go above and beyond just the prescriptive treatment required by the regulator, so they want to have their policies, standards and procedures in place whether local or global. They recognised the need to look to new technologies to support their strategy and enable them to move away from their manual methods of collecting and handling regulatory data with no audit trail.
Without specific workflow around regulatory data and departmental collaboration tools, they lacked oversight and found it difficult to track if a regulation had an impact and, if it did, what type of impact and what actions were required. The client recognised the need for a more automated system to take in the feeds of regulatory content enabling them to conduct an impact assessment or business review and collaborate across functions such as legal, compliance, and other business units.
In order to expand its capabilities to support great automation and collaboration, our client wanted a single platform capable of elevating its operations in line with its strategy. This single platform needed to have the regulatory notification and analysis coverage required by the business, plus the knowledge that new coverage would be added, in the first instance, new Latin American content.
Simplicity of workflow and the ability to both integrate into their systems and align the new workflow tool alongside the current process, rather than having to re-work their processes, were factors in choosing Corlytics.
The solution deployed was Corlytics Regulatory Monitoring, using the Corlytics Risk Impact Assessment Workflow product to extend ….