Regulatory and Compliance Readiness
Insurance companies face pressure from supervisors to optimize risk governance and risk management. As regulatory requirements such as Solvency II and IFRS4/9 evolve and introduction timelines change, insurers need to organize their resources, governance and IT landscape to comply with national and supranational standards. However, the lack of global harmonization in regulatory affairs poses challenges to global insurance players. Further, legacy IT systems are often unable to meet the required reporting frequency and granularity.
Infosys Consulting leverages a collaborative and business-driven approach to ensure regulatory compliance. We help clients synchronize their processes, systems and work practices to respond to an ever-changing regulatory environment with minimum business impact.
Our Regulatory and Compliance Readiness Solution utilizes industry-specific tools along with dedicated methodological and IT integration support. We integrate the existing landscape for reporting and corporate risk management to create a single, accurate and comprehensive source for finance, risk and treasury reporting. We align the reporting requirements with the abilities and targets of your business by leveraging our industry and business process skills.
Our methodology involves checking the responsiveness of the existing business process design to regulatory changes. We identify areas for data quality improvement (completeness, accuracy and accessibility). Our business process and technology expertise in standard and individualized core insurance solutions is a key success factor. By understanding the diverse regulatory frameworks, we support clients in defining an alignment strategy for converging standards and manage the company’s alignment with peers in industry.
We help insurers address business challenges by:
- Optimizing central IT solutions and responding to varying requirements from local subsidiaries
- Defining compliance-driven business requirements and technical implementation guidelines
- Providing implementation support for specific IT and data warehousing solutions
We integrate business and IT knowledge to deliver project outcomes and client satisfaction. Our expertise helps our customers balance the organization, process and IT landscapes while adhering to evolving compliance requirements.