Case Studies
Global Medical Based Company
Executive Summary:
– Discovery into reasons why an organisation was not meeting regulatory requirements at point of sale;
– Identifying the size of the issue and recommending approaches to resolve the issues;
– Delivery of the chosen resolution and remediation approach to ensure compliancy;
– Ongoing monitoring of the business processes to remove future repeat issues.
Problem Statement:
Through an internal review of its business processes, a Global Healthcare company determined it was not fully compliant when it came to meeting the required regulatory standards for customer information at point of sale.
All personal lines products being sold under FCA/PRA regulation, at point of sale, require the customer to be clearly aware of how they can contact the organisation, cancel the product and/or make a complaint associated to the product.
This requirement was not being met in all instances or only partially met so a resolution and remediation plan was required to ensure compliancy.
Objectives:
Ensure all customers receive all required material at point of sale.
Retrospectively issue policy information to customers who did not receive this at policy purchase.
Track ongoing issuing of policy material to ensure it not only meets but exceeds customer and regulatory expectations.
Project Description:
The project carried out out the following deliverables:
1. Complete a comprehensive review of all ‘As Is’ processes across regions the company sold its products, with a findings report to provide volume data, severity of the problem and gaps in delivering to compliance standards.
2. Proposal to complete a resolution to halt the issues and allow for future sales to conduct in a compliant manner, adjusted to each regions requirements
3. Remediate policies that had been sold, but did not meet the requirements by issuing compliant material depending on the regions requirements.
Benefits:
As a regulatory based project the key outcomes of the project, were to ensure compliance of the stipulated regulations and ensure customers received all the required material.
Therefore the project was focused on these points, ensuring customer satisfaction and no reputational damage occurred from a business perspective.
It also ensured that the company did not suffer any regulatory fines from being non-compliant.
Conclusion and Recommendations
– Understanding your business is key to ensuring compliant trading. Documenting and reviewing current process will allow simple reviews of what you do and what you need to do.
– Dedicated project teams can carry out the in-depth analysis required to support any actions required to meet standards and compliancy.
– Ongoing process reviews and firm, stringent plans for the future are required to keep a business ‘green’.
