“Tell us what you need us to do with respect to this requirement!” almost plead one of the insurer representatives at a workshop organised by the regulator. Visibly frustrations at this point, my colleague repeated “as I mentioned before, this is principle based regulation and applies differently to different businesses depending on the nature, scale and complexity of your operations”.
I had been an advisor to insurers for 10+ years and at the time serving my second year at the regulator, but that conversation is when the penny dropped. The complexity of compliance and regulation had the whole industry, including the regulator, trapped in their very own Groundhog Day. The only way to get out was to simplify compliance. An so the idea for CoVi Analytics was born.
We have set out to simplify the compliance process that drives business engagement and delivers value from compliance activities. Our approach simplifies the current Risk & Compliance language and leverages existing data assets to ensure a single version of the truth is used to drive business decisions.
CoVi’s application of latest A.I. technology coupled with advanced analytical practices and a flexible approach to managing principle based regulation allows it to adapt to any size of financial institution within the banking or insurance sector.
In our efforts, our focus remains on the business (1st line). We want to empower every employee across the business, so they can manage risk & compliance. This empowerment is what allows financial institutions to streamline business processes, saving costs and making better business decisions – faster.