A financial workflow management system for insurance providers to manage latest financial legislation
Client : OAC is a well established team of leading actuaries and financial services consultants for businesses and individuals based in UK.
Challenge : On 23rd February 2015 the UK’s Prudential Regulation Authority (PRA) announced a new governance regime impacting senior management and non-executive directors in the UK insurance sector. OAC planned to develop a Senior Insurance Manager Regime (SIMR) workflow system to facilitate the financial services legislation in the UK which requires firms to map the roles and responsibilities of individuals who hold a Senior Management Function or those who are responsible for a Key Function (SMF/KF). OAC wanted a system which would produce data about senior management upon request and to archive the data for not more than 10 years.
Solution: SSI developed a workflow system which was targeted towards senior insurance managers based on the requirements of latest financial legislation. The system has four main features :
- Automated Generation Of Events
From the time when a SMK becomes a part of the organization, till the time of termination, the system provides automated generation of events when certain actions are triggered by the system administrator. This helps to keep track of all the processes that are conducted in a way which is compliant with the legislation.
- Documentation Templates
The system also has the capability to provide documentation templates linked to certain actions e.g email, meeting requests and interview invitation templates. This helps to keep record of all the documentation that has been conducted by SMK during his tenure in the organization.
- Managing the Governance Map
The workflow system facilitates OAC to manage a Governance Map on a continuous basis which enables the user to generate and maintain a comprehensive and up-to-date governance map. It identifies key functions within the firm e.g the incumbent’s name, their job description, reporting line and their individual governance map. In addition to building an individual governance map, the system has a separate module which builds a corporate governance map as well. The corporate governance map develops a complete hierarchy of the senior management function in the organization.
- Corporate Data Archive
Another important feature of the system is archiving corporate data of the organization. This data includes all the official documents that the company generates over a period of time. These documents may include the employee handbook, new insurance plans and company policies. System stores and maintains all the old and new versions of the official documents so that they could be recovered when needed.
Result : In addition to satisfying OAC’s need for a governance map requirement, the system also manages all relevant information about the person on his journey to becoming an SMF/KF. The individual's activities and performance is also tracked whilst fulfilling the role. The scalable solution allowed OAC to develop an organized data repository and a data governance tool which was compliant with the legislation.
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