OAC PLC

Client: OAC is a prominent UK-based team of actuaries and financial services consultants, providing expertise to both businesses and individuals.

Challenge: In February 2015, the UK’s Prudential Regulation Authority (PRA) introduced a new governance regime affecting senior management and non-executive directors in the insurance sector. To comply, OAC aimed to develop a Senior Insurance Manager Regime (SIMR) workflow system that would map the roles and responsibilities of individuals holding Senior Management Functions (SMF) and Key Functions (KF). This system needed to generate data on senior management upon request and archive it for up to ten years.

Solution: SSI created a tailored workflow system specifically designed for senior insurance managers to meet the latest regulatory requirements. The system includes four key features:

• Automated Generation of Events: From onboarding to termination, the system automates event generation triggered by specific actions from the system administrator, ensuring compliance throughout the individual’s tenure.
• Documentation Templates: The system provides templates for documentation linked to various actions, such as emails, meeting requests, and interview invitations, maintaining a thorough record of the SMK’s activities.
• Governance Map Management: The workflow system allows OAC to continuously manage a Governance Map, enabling users to create and update a comprehensive governance map, including key functions, job descriptions, reporting lines, and individual governance maps. It also includes a module for corporate governance mapping, outlining the senior management hierarchy.
• Corporate Data Archive: This feature archives all official documents generated by the organization, such as employee handbooks, insurance plans, and company policies, maintaining both current and historical versions for easy retrieval.

Result: The new system meets OAC’s governance mapping requirements and tracks individual activities and performance throughout their journey to becoming an SMF/KF. This scalable solution provided OAC with an organized data repository and a robust data governance tool, ensuring compliance with the relevant legislation.