Regulatory Projects expertise
Prokope's data consultants have a wealth of experience in managing Regulatory Projects for clients across a broad range of sectors and geographies.
We specialise in delivering Redress and Remediation projects and International Financial Reporting Standard 17 (IFRS17) projects, both of which are covered below.
Contact us to discuss your requirements
Redress and Remediation
Many of today’s organisations, across a range of industries including the banking and financial services sector, are seeking to proactively remediate and redress customers whenever problems are revealed.
In line with increasing media attention, pressure from regulators, and consumer awareness, our team of Redress and Remediation experts will help your organisation to:
- Achieve fair outcomes for your customers
- Demonstrate that all customer accounts are compliant
- Manage complaints and redress claims in a timely and efficient manner
Redress and Remediation processes
- End-to-end review, employing data analytics and business intelligence software.
- End-to-end review of data, processes, systems, policies and practices.
- Data analysis, data reconstruction and augmentation activities to enable identification of customers impacted.
- Financial redress and support-provision modelling, based on redress calculations.
- Define Redress and Remediation policies to support programme delivery.
- Run managed service that contacts consumers and negotiates settlements based on the redress policy.
- Development and testing of Redress and Remediation solution.
- Design and implementation of Redress and Remediation Dashboard reporting and supporting Executive MI.
- Operational and data management during Redress and Remediation activities.
- Design and implementation of Process/BI controls.
- We will work with you to ensure systemic issues are identified and fixed to help mitigate against future mis-selling.
International Financial Reporting Standard 17 (IFRS17)
The International Accounting Standards Board (IASB) has issued this new standard, setting the requirements for reporting financial information on insurance contracts.
IFRS17 seeks to address deficiencies in the IFRS4 standard disclosures which lack transparency. This makes it difficult for investors and analysts to assess the ongoing profitability of insurance contracts for a firm. Also, IFRS4 does not ensure consistency between firms, jurisdictions and perhaps even portfolios within a firm.
Prokope can help your organisation to achieve compliance with the new reporting standard.
Support on your IFRS17 compliance journey
Data integration
If your portfolios are split over multiple platforms or systems, you will have significant differences in data. Prokope's experts will correctly integrate your data to ensure consistent treatment across all portfolios.
Managing volatility
A by-product of more complex and regularly updated valuations is the risk of balance sheet volatility. Prokope can help you to manage those P&L risks via thorough analysis, forecasting and monitoring processes.
Data quality
Issues with the standard of data is a typical problem and we can help you to ensure data quality within your IFRS data solution project. We use best practice Data Management principles that our team has developed over hundreds of projects.
Granular calculations
Your existing systems of portfolio measurement may only function at an aggregated level. The new standard may require changes to use a more granular approach. Prokope can manage these calculations at a granular level so your contracts are appropriately grouped and measured.
Reporting timescales
With a more complex and calculation-heavy data process, the timeliness of reporting outputs may be a new concern. We can implement new and faster processes to handle data acquisition, transformation and end user presentation.
Data control framework
We can help you overcome challenges of evidencing effective controls over portfolio data. We can also build a governance framework to provide control over other sources such as parameter inputs, which will change over time.
CASE STUDY
Data Assurance for a leading UK bank
Prokope-led Data Assurance enabled a leading UK financial institution to deliver multiple customer Redress and Remediation projects with confidence.
The latest IFRS standard for insurance contracts, IFRS17, replaced IFRS 4 on January 1st, 2022. This standard covers which insurance contracts items should be on insurance companies’ balances and profit and loss accounts, how to measure these items, and how to disclose this information.
IFRS17 presents a big challenge for insurance companies because data administration, financial presentation and actuarial calculations will need to change. Prokope’s consultants have a wealth of experience in managing and addressing IFRS17 data challenges.
Technology expertise
Our data solutions are powered by industry-leading technologies.
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