CoVi's Blog

Notes & thoughts on all things compliance and start-up life

Digitisation vs. Innovation

15 June 2017

Digitizing an existing process does not necessary lead to innovation. With all the tech hype, people often confuse innovation as the application of the latest tech.

Rather, first consider the process where your problem exists, improve it (with blue sky thinking) and then use the tech that can deliver your improved process.

Example: It's a bit like using Computer Generated (CG) effects in movies for the sake of using them (Batman vs. Superman - there was no story, just CG) vs. using them to enhance the story (Forrest Gump). Tech plays a supporting role in innovation - the lead is always the process !!!

#Startup Life, #CMILE, #CORE
Bank fines

Here is why riks management needs to be about Controls

It is more important to manage risks than simply measuring it. But unfortunately, most stop at the RISK of the RISK MANAGEMENT.

EXAMPLE: Banks, especially the large ones, have the brightest people and the best models within financial services. Why are they getting fines each year if they have the shiniest risk models? Simply put, far too much time is spent on measuring risks that everyone is out of steam by the time they get to managing them. Almost all fines are driven by the failure or lack of controls.

#Risk, #CORE

Know Your Regs (KYR)

There are two types of regulations:

  • Rules based (applies consistently to everyone); and
  • Principles based (applies differently; based on the nature, scale and complexity of the business).
Unlike the black & white nature of Rules based regulation, Principles based regulation requires each firm to tailor it to their business, making it far more onerous to digest, implement and monitor.

Find out how CoVi Analytics is helping banks and insurers manage Principles based regulation with CMILE.

#Regulation, #CMILE
Aviva vs. Axa

DATA STORIES: Blue & Yellow

Two juggernauts of similar insurance profiles ('ish) have interesting differences in their investment portfolios (at a very high level). CoVi Analytics is turning data into visuals so you can tell stories.
This and more #DataStories coming soon ....

#Data Stories, #ANALYTICS
Controls vs mitigation

Controls vs. Mitigations

Confused whether insurance cover or hedging is a control or mitigation?
If it helps prevent or limit the impact of a Risk before it occurs, you are looking at a control. If it helps you limit your exposure after the event it's a mitigation.
Find out how CoVi Analytics is helping simplify the risk language with CORE.

#Risk, #CORE