The motivation for starting CoVi Analytics came from my time at the PRA (regulatory). As a policy advisor, I would frequently be invited by supervisors to attend meetings with insurers where I saw that many insurers (particularly the smaller ones) were struggling with the sheer volume of the new insurance regulation (Solvency II).
The idea for simplifying principle based regulation and compliance was sparked in one of those many meetings.
What many people know but don't realise is that business objectives (do the right thing for the customer for repeat business) are in line with regulatory objectives (treat customers fairly). By simplifying regulatory text and compliance activities we intend to align these two objectives, promoting better business practices and improved customer outcomes.
We have spent countless hours simplifying the risk & compliance processes and applying the latest technologies to automate repetitive tasks. Not only does our approach simplify the current risk & compliance language, it also leverages existing data assets to ensure a single version of the truth is used to drive business decisions.
Our focus remains on the business (1st line). We want to empower every employee across the business so they can actively manage their risk & compliance activities without the overhead. This empowerment streamlines processes, saving costs and allowing businesses to make better business decisions – faster.