What are the digital and transparency implications of the FSA regulating the future agenda. I look at several in this months food issue of the CIEH environmental health news.
The group insurance market shows real promise but, as of yet, most carriers are still trying to determine the best path forward. Moving from being in a quiet sector to the front lines of new ways of doing business has shaken the industry and confronted it with challenges –and opportunities – many could not have foreseen even a decade ago.
The RTA portal and pre-action protocol for low value motor injury claims has generally met expectations after 18 months, with most insurers satisfied with its operation. While there were early technical issues, claims volumes are now stable. The process appears to be achieving faster settlement of straightforward claims within 6 months. However, it remains unclear if costs will be lower overall as more complex claims with longer tails have yet to conclude. Some insurers are disappointed by behaviors of a small number of claimant solicitors not fully in the spirit of the process. Most agree the potential for faster, lower cost claims is there but the full impact won't be known for some time.
Digital technologies like 3D printing, blockchain, and robotics are disrupting the traditionally regulated life sciences sector. This transformation brings new compliance risks around issues like:
- Partnerships with companies from other sectors that may not understand life sciences compliance
- Use of data from wearables and how it will be protected and used ethically
- Interactions with regulators to approve innovative, non-traditional products like those using artificial intelligence
- Power of informed patients who want treatments based on measurable outcomes
The high level of sector regulation remains, but methods of improper practices may change. Ongoing monitoring of issues like interactions with healthcare professionals and reliance on third parties will still be needed to mitigate corruption risks in this disrupted environment
Embedding Encouragement of Innovation Across the FCASimon Deane-Johns
The document discusses challenges with financial services innovation and regulation in the UK. It argues that (1) current UK regulation constrains innovation and is not aligned with collaborative business models; (2) this high cost of innovation will cause capital to flow elsewhere with less restrictive rules; and (3) the FCA could take a more collaborative approach to better understand new technologies, engage with stakeholders early, and develop proportionate regulations tailored to new models rather than trying to fit them into existing rules.
Independent hospitals and small health systems face a daunting challenge in developing their healthcare IT capabilities to meet the requirements of value-based care. But they must carefully weigh their options and proceedcautiously in meeting that challenge.
The document discusses achieving 100% third party due diligence. It notes that traditionally many organizations take a risk-based approach, focusing vetting efforts on high-risk third parties and leaving most unchecked. However, regulators now expect transparency and sound decision making regarding all third party relationships. The document outlines steps to conduct baseline screening of 100% of third parties, categorize risk, escalate review of higher-risk parties, and monitor all parties ongoing. It promotes using regulatory technology to enable comprehensive yet manageable third party due diligence.
The property and casualty insurance industry has seen declining profits in recent years due to lower investment returns and high claims costs. Fraud represents a significant portion of claims costs, estimated at $30 billion annually in the US alone. Predictive analytics can help insurers more efficiently identify fraudulent claims, recover costs through subrogation, optimize staff scheduling, and improve loss reserving. Early adopters of predictive analytics in claims processing are seeing returns of over 100% and improved customer retention compared to companies that have not adopted these techniques.
The group insurance market shows real promise but, as of yet, most carriers are still trying to determine the best path forward. Moving from being in a quiet sector to the front lines of new ways of doing business has shaken the industry and confronted it with challenges –and opportunities – many could not have foreseen even a decade ago.
The RTA portal and pre-action protocol for low value motor injury claims has generally met expectations after 18 months, with most insurers satisfied with its operation. While there were early technical issues, claims volumes are now stable. The process appears to be achieving faster settlement of straightforward claims within 6 months. However, it remains unclear if costs will be lower overall as more complex claims with longer tails have yet to conclude. Some insurers are disappointed by behaviors of a small number of claimant solicitors not fully in the spirit of the process. Most agree the potential for faster, lower cost claims is there but the full impact won't be known for some time.
Digital technologies like 3D printing, blockchain, and robotics are disrupting the traditionally regulated life sciences sector. This transformation brings new compliance risks around issues like:
- Partnerships with companies from other sectors that may not understand life sciences compliance
- Use of data from wearables and how it will be protected and used ethically
- Interactions with regulators to approve innovative, non-traditional products like those using artificial intelligence
- Power of informed patients who want treatments based on measurable outcomes
The high level of sector regulation remains, but methods of improper practices may change. Ongoing monitoring of issues like interactions with healthcare professionals and reliance on third parties will still be needed to mitigate corruption risks in this disrupted environment
Embedding Encouragement of Innovation Across the FCASimon Deane-Johns
The document discusses challenges with financial services innovation and regulation in the UK. It argues that (1) current UK regulation constrains innovation and is not aligned with collaborative business models; (2) this high cost of innovation will cause capital to flow elsewhere with less restrictive rules; and (3) the FCA could take a more collaborative approach to better understand new technologies, engage with stakeholders early, and develop proportionate regulations tailored to new models rather than trying to fit them into existing rules.
Independent hospitals and small health systems face a daunting challenge in developing their healthcare IT capabilities to meet the requirements of value-based care. But they must carefully weigh their options and proceedcautiously in meeting that challenge.
The document discusses achieving 100% third party due diligence. It notes that traditionally many organizations take a risk-based approach, focusing vetting efforts on high-risk third parties and leaving most unchecked. However, regulators now expect transparency and sound decision making regarding all third party relationships. The document outlines steps to conduct baseline screening of 100% of third parties, categorize risk, escalate review of higher-risk parties, and monitor all parties ongoing. It promotes using regulatory technology to enable comprehensive yet manageable third party due diligence.
The property and casualty insurance industry has seen declining profits in recent years due to lower investment returns and high claims costs. Fraud represents a significant portion of claims costs, estimated at $30 billion annually in the US alone. Predictive analytics can help insurers more efficiently identify fraudulent claims, recover costs through subrogation, optimize staff scheduling, and improve loss reserving. Early adopters of predictive analytics in claims processing are seeing returns of over 100% and improved customer retention compared to companies that have not adopted these techniques.
Organisations are increasingly concerned about information centre sustainability and conducting thorough audits. A data centre audit provides an understanding of a centre's current capacity and ability to scale with business growth. It also provides insight into its infrastructure, management, and operations. Common types of security breaches are usually financially motivated or related to cyber espionage, though espionage attacks can be more intrusive. Audits help ensure compliance and readiness for future requirements while also mitigating risks.
The document discusses restoring public trust in corporate reporting. It proposes a three-tiered model for corporate transparency consisting of global accounting standards, industry standards, and company-specific information. Recent scandals have undermined trust in executives, boards, auditors, and analysts that produce corporate information. To rebuild trust, all participants must embrace transparency, accountability, and integrity. New technologies like XBRL can improve access and analysis of reported information across the three tiers. The future of corporate reporting relies on cooperation across industries to establish comprehensive transparency standards.
The document discusses strategies for mitigating fraud, waste and abuse in government procurement programs that utilize purchase cards (P-Cards). It outlines how P-Cards can reduce transaction costs but also increase risks of fraud. It then examines the U.S. government's experience with P-Card programs, how various agencies implemented controls like card issuance policies and spending limits, and strategies like automation, monitoring, and approval processes to balance convenience and control.
Mitigating fraud, waste, and misuse in the procurement processJean Gleason
The document discusses strategies for mitigating fraud, waste and abuse in government procurement programs that utilize purchase cards (P-Cards). It outlines how P-Cards can reduce transaction costs but also increase the risk of payment fraud. It then examines the U.S. government's experience with P-Card programs, how card issuance and training can help manage risks, and the importance of purchase controls, monitoring, review and ensuring the right balance between convenience and oversight.
The U.S. Government was one of the earliest adopters of the P-Card. The program has grown exponentially since with approximately $17 billion in purchases in 2005 and an cost-savings of $1.2 billion annually.
However, implementation of a streamlined procurement process was not without it's missteps. This paper will discuss how to optimize the benefits of a streamlined purchasing process while minimizing risk / exposure, using the U.S. Government as a case study.
The Cost Of Sarbanes Oxley Scott S Powell Barrons 5 3 05Scott Powell
The Sarbanes-Oxley Act of 2002 (Sarbox) was intended to prevent fraud and improve corporate governance, but it has become the most costly and counterproductive regulation imposed on public companies. Complying with Sarbox costs $35 billion annually, far more than estimated. It has empowered auditors but not improved fraud detection. While some reforms are beneficial, the costs outweigh benefits and Sarbox hinders innovation. Making some provisions optional could help address its negative impacts, especially on small companies and startups.
In a post-Financial Services Royal Commission (Hayne Royal Commission) world, the
regulatory landscape has changed fundamentally. The twin peaks model remains, but
the approach to enforcement is now summed up by the phrase, ‘adequate deterrence of
misconduct depends upon visible public denunciation of misconduct’.
ASIC has a new, more intensive supervisory approach—close and continuous monitoring
involves regularly placing ASIC staff onsite in major financial institutions to closely monitor
governance and compliance with laws. If successful, this program may be rolled out more
broadly. Its supervisory initiative, the Corporate Governance Task Force is undertaking
targeted reviews of corporate governance practices in large listed entities to allow it to
shine a light on ‘good’ and ‘bad’ practices observed across these entities.
Following a review of its enforcement strategy APRA has adopted a ‘constructively tough’
enforcement appetite. The Government has foreshadowed an extension of the Banking
Executive Accountability Regime (BEAR) beyond the banking sector
Hedge funds are outsourcing risk management to private cloud service providers in order to help manage their counterparty risk and comply with new regulatory mandates. These cloud providers collect and analyze data from multiple applications in real-time to assess risks. Regulations like Dodd-Frank have increased the complexity of managing counterparty risk for hedge funds. Outsourcing these tasks allows hedge funds to maintain their lean operations while meeting compliance requirements.
Autumn 2016 Food and Drink InperspectiveGraeme Cross
We have chosen risk and compliance as twin themes for this issue, although the elephant in the room will of course be our withdrawal from the European Union. While the country and its neighbours wait for the exit negotiations to begin, we have gathered a range of opinion in support of the theory that ‘the time is now’. It is our view that risk managers have a unique opportunity to engage with their business and take steps towards scenario planning even while uncertainty continues to dominate.
1) Big data is helping auto insurance companies find new sources of revenue through risk mitigation services and better understanding risky driving behaviors using telematics devices.
2) Insurance companies can now adjust premiums more frequently as driver behavior improves or worsens based on continuous data collection and analysis.
3) Farm insurance through the Climate Corporation customizes insurance for each farm based on detailed weather data analysis to better estimate risk and production potential for individual farms.
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
Chappuis Halder - EU Benchmark Regulation threepager - May 2016Nicolas Heguy
Threepager on the upcoming EU Benchmark Regulation. In this article, we review the main objectives, characteristics and impacts of the regulation as well as how Chappuis Halder can help the involved financial institutions.
1) Demand for healthcare actuaries is skyrocketing due to recent healthcare reforms that have expanded health insurance coverage as well as an aging population. Organizations need more actuaries to evaluate the effects of new laws, develop products, and assist with pricing.
2) Technological advances like drones, driverless cars, and telematics are disrupting traditional insurance practices and presenting new risks. Actuaries must keep up with rapid technological change and embrace disruption.
3) Increasing regulations are leading to a push for more model validation as actuaries' models are being continually checked to ensure they meet regulatory requirements.
7 Ways Insurance Brokers Should Approach InsurTechSiren Group
“InsurTech” is a term used quite often these days – a spin-off of the even more popular word “FinTech.” It refers to technologies and platforms. These platforms can help optimize any of the principles for success or requirements of insurance.
InsurTech encompasses companies that provide insurance, but engage technology in a user-centric way.
Here are 7 ways of making InsurTech the heart of your business:
How life sciences can win with blockchainToni Borges
The IBM Institute for Business Value surveyed 205 life sciences executives in 18 countries. The study, conducted in collaboration with the Economist Intelligence Unit (EIU), included chief financial officers (CFOs), chief technology officers (CTOs) and chief information officers (CIOs). Those participating had to meet specific criteria: they were either working with — or planning to work with — blockchains in the next 12 months, and they needed to be familiar with the blockchain strategies of their organizations.
The summary provides the following key points in 3 sentences:
Federal securities class action filings increased slightly in 2014 to 169 cases, remaining near historically low levels. Accounting-related lawsuits rose to 53 cases, driven by actions from regulators focusing on financial reporting and new tools to detect accounting irregularities. Emerging issues like cybercrime, new trading practices, and increased IPO and M&A activity may face increased regulatory scrutiny and become subjects of future securities litigation.
This document discusses 10 trends shaping the life insurance industry landscape:
1. Steady industry growth, but underlying issues of underinsurance and lack of innovation persist.
2. Insurers are challenged to rationalize legacy systems while maintaining valuable historical business, constraining growth.
3. Some insurers are outsourcing administration and systems management to leverage partnerships and convert costs.
4. Regulatory changes increase need for flexibility but also interfere with modernization efforts.
Beyond the secular forces that we describe in our Future of Insurance series1, more immediate and cyclical issues will be shaping the insurance executive agenda i n 2 016 .2 Commercial insurers (including reinsurers) face tough times ahead with underwriting margins that are being pressured by softening prices and a potentially volatile interest rate environment.
Disruption, a seismic shift in the private equity industryFrenchWeb.fr
This document summarizes the key findings of a survey on the private equity industry. It finds:
1) The private equity industry is facing disruption from relentless increased regulation globally which has forced funds to redesign business models and focus on controlling costs and improving efficiency.
2) Funds are struggling to meet complex new compliance requirements while transforming operations and adopting new digital technologies, but existing technology solutions are inefficient.
3) Regulations have increased demand for new skills among finance teams, but funds are facing talent shortages, forcing them to look outside the industry and consider outsourcing functions.
- Many firms are struggling to keep up with new and overlapping regulatory requirements due to fragmented data management practices and siloed approaches. They typically focus on individual regulations rather than identifying synergies.
- A survey found that firms have limited automation in data management, relying heavily on manual processes. They also have multiple business units responsible for regulatory compliance, rather than a centralized approach.
- To better prepare for future regulations like Mifid II, firms need to modernize their systems and processes, move from tactical to strategic planning, and leverage pre-packaged services from vendors to streamline regulatory reporting and improve data quality. Taking a holistic enterprise-wide view of compliance is critical.
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
Vast new data streams create opportunities for insurers to identify and act upon hidden insights, but they also open the door for new business models and competitors.
Data-driven insights make it possible to create new products and new revenue streams, typically in partnership with players from outside the industry.
Harnessing external data is a complex undertaking, but insurers can start by developing a comprehensive plan and then undertaking specific, high-return initiatives that build momentum and help transform the enterprise into a winning competitor in the new digital arena.
Organisations are increasingly concerned about information centre sustainability and conducting thorough audits. A data centre audit provides an understanding of a centre's current capacity and ability to scale with business growth. It also provides insight into its infrastructure, management, and operations. Common types of security breaches are usually financially motivated or related to cyber espionage, though espionage attacks can be more intrusive. Audits help ensure compliance and readiness for future requirements while also mitigating risks.
The document discusses restoring public trust in corporate reporting. It proposes a three-tiered model for corporate transparency consisting of global accounting standards, industry standards, and company-specific information. Recent scandals have undermined trust in executives, boards, auditors, and analysts that produce corporate information. To rebuild trust, all participants must embrace transparency, accountability, and integrity. New technologies like XBRL can improve access and analysis of reported information across the three tiers. The future of corporate reporting relies on cooperation across industries to establish comprehensive transparency standards.
The document discusses strategies for mitigating fraud, waste and abuse in government procurement programs that utilize purchase cards (P-Cards). It outlines how P-Cards can reduce transaction costs but also increase risks of fraud. It then examines the U.S. government's experience with P-Card programs, how various agencies implemented controls like card issuance policies and spending limits, and strategies like automation, monitoring, and approval processes to balance convenience and control.
Mitigating fraud, waste, and misuse in the procurement processJean Gleason
The document discusses strategies for mitigating fraud, waste and abuse in government procurement programs that utilize purchase cards (P-Cards). It outlines how P-Cards can reduce transaction costs but also increase the risk of payment fraud. It then examines the U.S. government's experience with P-Card programs, how card issuance and training can help manage risks, and the importance of purchase controls, monitoring, review and ensuring the right balance between convenience and oversight.
The U.S. Government was one of the earliest adopters of the P-Card. The program has grown exponentially since with approximately $17 billion in purchases in 2005 and an cost-savings of $1.2 billion annually.
However, implementation of a streamlined procurement process was not without it's missteps. This paper will discuss how to optimize the benefits of a streamlined purchasing process while minimizing risk / exposure, using the U.S. Government as a case study.
The Cost Of Sarbanes Oxley Scott S Powell Barrons 5 3 05Scott Powell
The Sarbanes-Oxley Act of 2002 (Sarbox) was intended to prevent fraud and improve corporate governance, but it has become the most costly and counterproductive regulation imposed on public companies. Complying with Sarbox costs $35 billion annually, far more than estimated. It has empowered auditors but not improved fraud detection. While some reforms are beneficial, the costs outweigh benefits and Sarbox hinders innovation. Making some provisions optional could help address its negative impacts, especially on small companies and startups.
In a post-Financial Services Royal Commission (Hayne Royal Commission) world, the
regulatory landscape has changed fundamentally. The twin peaks model remains, but
the approach to enforcement is now summed up by the phrase, ‘adequate deterrence of
misconduct depends upon visible public denunciation of misconduct’.
ASIC has a new, more intensive supervisory approach—close and continuous monitoring
involves regularly placing ASIC staff onsite in major financial institutions to closely monitor
governance and compliance with laws. If successful, this program may be rolled out more
broadly. Its supervisory initiative, the Corporate Governance Task Force is undertaking
targeted reviews of corporate governance practices in large listed entities to allow it to
shine a light on ‘good’ and ‘bad’ practices observed across these entities.
Following a review of its enforcement strategy APRA has adopted a ‘constructively tough’
enforcement appetite. The Government has foreshadowed an extension of the Banking
Executive Accountability Regime (BEAR) beyond the banking sector
Hedge funds are outsourcing risk management to private cloud service providers in order to help manage their counterparty risk and comply with new regulatory mandates. These cloud providers collect and analyze data from multiple applications in real-time to assess risks. Regulations like Dodd-Frank have increased the complexity of managing counterparty risk for hedge funds. Outsourcing these tasks allows hedge funds to maintain their lean operations while meeting compliance requirements.
Autumn 2016 Food and Drink InperspectiveGraeme Cross
We have chosen risk and compliance as twin themes for this issue, although the elephant in the room will of course be our withdrawal from the European Union. While the country and its neighbours wait for the exit negotiations to begin, we have gathered a range of opinion in support of the theory that ‘the time is now’. It is our view that risk managers have a unique opportunity to engage with their business and take steps towards scenario planning even while uncertainty continues to dominate.
1) Big data is helping auto insurance companies find new sources of revenue through risk mitigation services and better understanding risky driving behaviors using telematics devices.
2) Insurance companies can now adjust premiums more frequently as driver behavior improves or worsens based on continuous data collection and analysis.
3) Farm insurance through the Climate Corporation customizes insurance for each farm based on detailed weather data analysis to better estimate risk and production potential for individual farms.
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
Chappuis Halder - EU Benchmark Regulation threepager - May 2016Nicolas Heguy
Threepager on the upcoming EU Benchmark Regulation. In this article, we review the main objectives, characteristics and impacts of the regulation as well as how Chappuis Halder can help the involved financial institutions.
1) Demand for healthcare actuaries is skyrocketing due to recent healthcare reforms that have expanded health insurance coverage as well as an aging population. Organizations need more actuaries to evaluate the effects of new laws, develop products, and assist with pricing.
2) Technological advances like drones, driverless cars, and telematics are disrupting traditional insurance practices and presenting new risks. Actuaries must keep up with rapid technological change and embrace disruption.
3) Increasing regulations are leading to a push for more model validation as actuaries' models are being continually checked to ensure they meet regulatory requirements.
7 Ways Insurance Brokers Should Approach InsurTechSiren Group
“InsurTech” is a term used quite often these days – a spin-off of the even more popular word “FinTech.” It refers to technologies and platforms. These platforms can help optimize any of the principles for success or requirements of insurance.
InsurTech encompasses companies that provide insurance, but engage technology in a user-centric way.
Here are 7 ways of making InsurTech the heart of your business:
How life sciences can win with blockchainToni Borges
The IBM Institute for Business Value surveyed 205 life sciences executives in 18 countries. The study, conducted in collaboration with the Economist Intelligence Unit (EIU), included chief financial officers (CFOs), chief technology officers (CTOs) and chief information officers (CIOs). Those participating had to meet specific criteria: they were either working with — or planning to work with — blockchains in the next 12 months, and they needed to be familiar with the blockchain strategies of their organizations.
The summary provides the following key points in 3 sentences:
Federal securities class action filings increased slightly in 2014 to 169 cases, remaining near historically low levels. Accounting-related lawsuits rose to 53 cases, driven by actions from regulators focusing on financial reporting and new tools to detect accounting irregularities. Emerging issues like cybercrime, new trading practices, and increased IPO and M&A activity may face increased regulatory scrutiny and become subjects of future securities litigation.
This document discusses 10 trends shaping the life insurance industry landscape:
1. Steady industry growth, but underlying issues of underinsurance and lack of innovation persist.
2. Insurers are challenged to rationalize legacy systems while maintaining valuable historical business, constraining growth.
3. Some insurers are outsourcing administration and systems management to leverage partnerships and convert costs.
4. Regulatory changes increase need for flexibility but also interfere with modernization efforts.
Beyond the secular forces that we describe in our Future of Insurance series1, more immediate and cyclical issues will be shaping the insurance executive agenda i n 2 016 .2 Commercial insurers (including reinsurers) face tough times ahead with underwriting margins that are being pressured by softening prices and a potentially volatile interest rate environment.
Disruption, a seismic shift in the private equity industryFrenchWeb.fr
This document summarizes the key findings of a survey on the private equity industry. It finds:
1) The private equity industry is facing disruption from relentless increased regulation globally which has forced funds to redesign business models and focus on controlling costs and improving efficiency.
2) Funds are struggling to meet complex new compliance requirements while transforming operations and adopting new digital technologies, but existing technology solutions are inefficient.
3) Regulations have increased demand for new skills among finance teams, but funds are facing talent shortages, forcing them to look outside the industry and consider outsourcing functions.
- Many firms are struggling to keep up with new and overlapping regulatory requirements due to fragmented data management practices and siloed approaches. They typically focus on individual regulations rather than identifying synergies.
- A survey found that firms have limited automation in data management, relying heavily on manual processes. They also have multiple business units responsible for regulatory compliance, rather than a centralized approach.
- To better prepare for future regulations like Mifid II, firms need to modernize their systems and processes, move from tactical to strategic planning, and leverage pre-packaged services from vendors to streamline regulatory reporting and improve data quality. Taking a holistic enterprise-wide view of compliance is critical.
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
Vast new data streams create opportunities for insurers to identify and act upon hidden insights, but they also open the door for new business models and competitors.
Data-driven insights make it possible to create new products and new revenue streams, typically in partnership with players from outside the industry.
Harnessing external data is a complex undertaking, but insurers can start by developing a comprehensive plan and then undertaking specific, high-return initiatives that build momentum and help transform the enterprise into a winning competitor in the new digital arena.
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
Learn how external insurance data and analytics is changing everything, from pricing risk to interacting with customers. Read more: https://www.accenture.com/us-en/insight-harnessing-external-data-stream
The insurance industry is highly competitive and regulated, leading companies to consolidate, reduce costs through efficiency, and comply with numerous state statutes. Technology is increasingly used to expedite claim processing, including e-forms, e-medical records from healthcare providers, and data analytics to identify trends and potential fraud. Resources are also changing as companies allow telecommuting to attract talent, reduce costs, and improve retention, though guidelines define expectations for remote employees.
Anti-Bribery and Corruption Compliance for Third PartiesDun & Bradstreet
In this white paper, Kelvin Dickenson, Managing Director of D&B Global Compliance Solutions, discusses thoughtful approaches to buidling a scalable, effective and proportionate anti-corruption program for third-party due dilligence.
Making Analytics Actionable for Financial Institutions (Part I of III)Cognizant
This document provides an overview of making analytics actionable for financial institutions. It discusses the need for financial institutions to go beyond just gathering insights from data to explicitly enabling real-time translation of data into improvements. It proposes a framework for identifying gaps between how information is gathered, insights generated, actions enabled, and learning leveraged. This framework aims to help capture and exploit digital footprints around clients, employees, partners and competitors to drive differentiation, growth and profitability through actionable analytics.
Optimizing Voluntary Strategy via Realigned TPA Engagement and Targeted Inves...Cognizant
For group insurers with voluntary offerings, working with third-party administrators (TPAs) is a double edged sword, one fraught with problems of costs, up- and cross-selling, inadequate data, decoupling challenges and more; IT modernization programs are problematic as well. We offer a framework that enables companies to align their voluntary and TPA strategies.
- The motor insurance industry is undergoing significant upheaval due to changes in regulation, economic conditions, technology, and customer behavior.
- Regulation like Solvency II has increased complexity for insurers while unintended consequences of other regulations have increased costs.
- Economic uncertainty and a slow recovery has led insurers to be risk averse and delay investments in innovation.
- Market competition is increasing as new digital entrants may disrupt the industry and consolidate auto repair shops are changing insurer-repairer relationships.
- Insurers face challenges from legacy IT systems that inhibit their ability to respond to changes and compete with new digital competitors.
Compliance issues surrounding employee travel and expense management include the need for transparency, control, and auditability to prove adherence to policies. Industries like financial services and pharmaceuticals face specific regulations requiring oversight and reporting of expenses. Companies can improve controls and compliance by automating expense processes using solutions that enforce policies, facilitate exception reporting, and serve as the system of record for audits. On-demand travel and expense management providers can help achieve these goals through standardized core functionality with customization of business rules.
El 12 de mayo de 2017 celebramos en la Fundación Ramó Areces una jornada con IS Global y Unitaid sobre enfermedades transmitidas por vectores, como la malaria, entre otras.
Data-Centric Insurance: How the London market can embrace analytics and regai...Accenture Insurance
The London Market has a long tradition of excellence in the
actuarial analysis of premiums and claims data, but it has not
yet embraced the analytics revolution seen in other industries.
For the London Market to remain globally competitive, it must
re-establish its pre-eminence regarding the use of data.
The document discusses challenges facing insurance carriers in improving claims operations, including declining revenues, increased competition, and changing customer behaviors. It suggests that carriers can address these challenges by targeting high-volume, low premium policies without compromising claims service through various means, such as using technology to lower costs while improving customer satisfaction and retention. Emerging markets present additional unique challenges for claims processing that some carriers are addressing by automating processes and leveraging new technologies without legacy system constraints.
2016-05-31 Practico Legal Business ReportJames Barrett
The document discusses litigation costs and methods for controlling costs. It notes that while time-based billing remains dominant, budgeting is becoming increasingly important. A new method called J-codes provides a standardized way to categorize legal work and costs that many believe will provide more transparency and help control costs. The report is based on a survey that found openness to alternative billing methods but continued use of time-based billing due to its transparency. J-codes in particular received interest from those aware of them for improving budget monitoring and reducing disputes.
This document provides an overview of key client due diligence (CDD) challenges facing wealth managers and how new technologies are helping address these issues. It finds that wealth managers are increasing CDD spending, with the majority focusing on hiring more staff or investing in technology. CDD tasks like politically exposed person screening and verifying source of wealth are cited as major pain points. There is significant variation in how frequently firms rescreen clients. New tools are delivering automation, collaboration and auditability to help slash onboarding times and improve processes. The report is based on a survey of over 100 wealth professionals and in-depth interviews with 20 compliance experts. It examines CDD resource needs, pain points, rescreening practices and how technologies are
A Review on Recent Advances of Packaging in Food IndustryPriyankaKilaniya
Effective food packaging provides number of purposes. It functions as a container to hold and transport the food product, as well as a barrier to protect the food from outside contamination such as water, light, odours, bacteria, dust, and mechanical damage by maintaining the food quality. The package may also include barriers to keep the product's moisture content or gas composition consistent. Furthermore, convenience is vital role in packaging, and the desire for quick opening, dispensing, and resealing packages that maintain product quality until fully consumed is increasing. To facilitate trading, encourage sales, and inform on content and nutritional attributes, the packaging must be communicative. For storage of food there is huge scope for modified atmosphere packaging, intelligent packaging, active packaging, and controlled atmosphere packaging. Active packaging has a variety of uses, including carbon dioxide absorbers and emitters, oxygen scavengers, antimicrobials, and moisture control agents. Smart packaging is another term for intelligent packaging. Edible packaging, self-cooling and self-heating packaging, micro packaging, and water-soluble packaging are some of the advancements in package material.
Panchkula offers a wide array of dining experiences. From traditional North Indian flavors to global cuisine, the city’s restaurants cater to every taste bud. Let’s dive into some of the best restaurants in Panchkula
The Menu affects everything in a restaurant; as our friend and FCSI consultant Bill Main says, “The Menu is your blueprint for profitability.”
Let’s start with the segment. What will be your marketing and brand positioning? It depends on what menu items you serve. What type of cooking methods and equipment will you use? GUEST EXPERIENCE = FACILITY (Space) DESIGN + MENU + SERVPOINTS™
W.H. Bender & Associates
408-784-7371
whb@whbender.com
www.whbender.com
San Jose, California
Ang Chong Yi’s Culinary Revolution: Pioneering Plant-Based Meat Alternatives ...Ang Chong Yi Singapore
In the heart of Singapore’s bustling culinary scene, a visionary chef named Ang Chong Yi is quietly revolutionizing the way we think about food. His mission? To create delectable Ang Chong Yi Singapore — Plant-based meat: Next-gen food alternatives that not only tantalize our taste buds but also contribute to a more sustainable future.
FOOD PSYCHOLOGY CHARLA EN INGLES SOBRE PSICOLOGIA NUTRICIONALNataliaLedezma6
Our decisions about what to put on our plate are far more intricate than simply following hunger cues. Food psychology delves into the fascinating world of why we choose the foods we do, revealing a complex interplay of emotions, stress, and even disorders.
Cacao, the main component used in the creation of chocolate and other cacao-b...AdelinePdelaCruz
Cacao, the main component used in the creation of chocolate and other cacao-based products is cacao beans, which are produced by the cacao tree in pods. The Maya and Aztecs, two of the earliest Mesoamerican civilizations, valued cacao as a sacred plant and used it in religious rituals, social gatherings, and medical treatments. It has a long and rich cultural history.
Cacao, the main component used in the creation of chocolate and other cacao-b...
EHN article
1. Practice
18 •Environmental Health News • December 2018/January 2019
business,
There are
many as yet
unanswered
questions
that the
FSA must
address and,
crucially,
get right
At one stage, it was suggested that specially
qualified and regulated ‘certified regulatory
auditors’ could bridge the divide, fulfilling
statutory monitoring requirements and
providing private assurance standards. The
FSA has rowed back on this proposal for very
good reasons, in my opinion. Nevertheless, it is
clear businesses will have to bear the costs of
statutory inspection one way or another.
To my mind, one of the striking features of
the current regulatory regime is that it is based
on evidencing risk using models created more
than 30 years ago. Salmonella was the primary
risks in eggs and chicken meat then, but new
pathogens of concern have since emerged,
such as campylobacter, that have quite
different implications for control measures.
The trend towards de-skilling the workforce
in favour of lower-cost, casual labour brings
obvious risk. The corollary — taking production
off-site to centralised locations — means that
food may be little more than ‘assembled’
in accordance with brand standards and
pictures. Rice, salads, sauces, dressings and
other high-risk ingredients are prepared and
manufactured off-site, moving the safety risks
back up the chain; if production safety fails, it
affects a far greater number of retail sites, but
few caterers have the technical resource to
independently inspect those suppliers.
Technology is changing the game and
presenting its own risks, too. Complicated
I
n September’s EHN, Michael
Jackson, who is leading on
Regulating Our Future (ROF), gave
us a comprehensive update on the
Food Standards Agency (FSA)’s
progress (EHN, September, page 18).
The plans are bold and recognise
the current system of regulation
is not sustainable as a financial model or fit
for purpose in a changing world. The FSA is
rightly proceeding with caution and adapting
its plans as it consults with industry and other
stakeholders, while staying on course for
implementation next year post-Brexit.
The bedrock of the plan are: a national
register of premises; a new ‘risk engine’
to assesses businesses and determine the
frequency and depth of inspection regimes; an
ambitious extension of the primary authority
(PA) scheme, in which one local authority
sets standards for a whole company’s sites,
wherever they are located and national
inspection strategies, combined with a use of
private assurance data in a way as yet decided
to help determine the nature, intensity and
frequency of local authority inspections.
In other words, businesses might be able
to reduce the number of local authority
inspections they undergo by sharing the results
of certificated assurance inspections, such as
those of the British Retail Consortium, second-
parties and even themselves.
Technology and risks are changing, food
production is de-skilling and sensitive
information can easily end up all over the
media. David Edwards asks some searching
questions about the future of food safety
machinery, such as coffee and pizza-making
machines with robotic functions, offer new
challenges in terms of hygiene and safe
operation, while innovative ingredient and
product formulations require new approaches
to assess their risks.
So, how can the FSA best design a
meaningful profile of a business’ risk? It’s
not clear how risk assessments of registered
premises will operate, at least in the first
instance, but it is likely they will be fairly basic
and based on the nature of the food produced
and any private assurances already in place.
This is a good place to start, given the huge
opportunities that now exist for detailed and
predictive analysis of safety records. However,
regulatory inspection records are fairly crude
compared to the wealth of granular data in
the private sector collected over many years
through various inspection schemes.
Big businesses are already exploring the
potential of big data and artificial intelligence
to provide predictive insights about their
own standards and risk. This is a clear area of
opportunity for partnership-working in a safe
and controlled way: sharing and exploring
anonymised industry data to inform policy.
Big
big data
2. Environmental Health News • December 2018/January 2019 • 19
of very confident, trusted large companies.
Under the proposed plan, participants
would not only have to demonstrate an
excellent record of compliance but also share
their private assurance data. That level of
transparency and trust goes well beyond
current practice. It is also unclear if companies
would be able to give broad, overarching,
statistical information or would have to make
available sensitive inspection reports, customer
complaints and internal management reports.
An important part of the role of a
professional private inspection body is to
tell its clients inconvenient truths. Would
that still happen under such a transparent
arrangement? Would punches be pulled and
the real discussion go ‘offline’?
FOI is again an issue here. With data in
the hands of the PAs, companies would be
open to requests from the public, journalists
and competitors to access to it. This is not
a comfortable position in which to be. The
FSA points out the distinction between the
regulators ‘holding’ and ‘accessing’ data, but
this needs public clarification because of the
potential impact of FOI.
I am unconvinced of the argument that a key
driver for the success of national inspection
strategies will be the financial benefits of
reduced inspection. Many large, multi-site
groups welcome local authority inspections
as a cost-effective way of validating their
own standards.
ROF proposes that all businesses will pay the
real costs of their inspection regime. Businesses
are already facing the considerable challenges
of funding the national living wage, elevated
high street rents and competition from smaller,
more nimble operators. Can they really absorb
another cost or will they be forced to pass it on
to the consumer?
Inspection charges need to reflect the real
costs of resourcing the programme, if the
taxpayer is not to be penalised. However, if
the charges are set too high, there’s the risk
of a parallel privatised inspection system
developing. Some local authorities are already
setting up arms-length operations that will
compete successfully with the private sector
inspection bodies on price.
So, in conclusion, there are many as yet
unanswered questions that the FSA must
address and, crucially, get right. What are
the right components and emphasis for an
effective risk assessment algorithm that is
consistent, workable and evidence-based?
How will the FSA create genuine incentives
and protections concerning information
sharing, when companies will rightly worry
that information shared becomes disclosable
under FOI? Are national inspection strategies
really going to take off as a consequence of
introducing regulatory inspection charging?
What is a sustainable funding model?
I for one will be closely following the
developments. E
IMAGE:ISTOCK
‘The plans are bold and recognise the current
system of regulation is not sustainable as a financial
model or fit for purpose in a changing world’
public, too, would certainly object to anything
that smacked of self-regulation.
On the other hand, private inspection
bodies saw little incentive in it for themselves.
Instead, they saw it could potentially raise their
costs while fatally damaging their confidential
relationship with paying customers. Businesses
were also wary of having their privately
captured audit data obtained through
Freedom of Information Act (FOI) requests and
published on social media and in the local and
national press.
The devil is, as always, in the detail.
Safeguards could, of course, be put in place
to protect commercial confidentiality, but
it seems to me that only a few very large
companies, which have already committed to
making their inspection records public, are
likely to be comfortable sharing them with
the regulator.
PA has been a resounding success and is
well liked by industry and regulators alike.
Enhanced PA arrangements could have a
significant impact on companies with multiple
sites and branded chains, and there are
ambitious targets to have 250,000 businesses
in a PA scheme by 2020.
H
owever, ROF contains a
clear change to one of
the key components of
PA — the FSA will now
have to approve national
inspection strategies.
This appears to be an
attempt to ‘calibrate’
arrangements and introduce some national
consistency, possibly in reaction to criticism
that PA arrangements can lead to ‘regulatory
capture’ — in other words, businesses and local
authorities may get too close, either because
the financial arrangements are too generous
or simply the human factor in a partnership
means it is harder to remain objective.
The proposal certainly has merit, but it
needs careful thought and much trust if it is to
work effectively for more than a small number
It also provides a potential avenue towards
lowering the burden of statutory inspection
while avoiding the vexed issue of commercial
confidentiality and the competitive sensitivities
that rear their heads every time public-private
data sharing is mentioned.
One of the key tenets of ROF is to exploit
the evidence of private assurance to inform
statutory inspection regimes. In theory, this
is an eminently common sense proposal. In
reality, many companies shy away from it, even
as a way to lower the overall costs of inspection.
There are two clear issues. On the one hand,
regulators cannot, by law, hand over their
responsibilities for public safety to private
bodies. Recognising this, the FSA has moved
from a starting position of ‘regulated self-
assurance’ to ‘regulated private assurance’.
This is not mere semantics — it is an
important distinction. Regulators and EHPs saw
the FSA’s certified regulatory auditor concept,
in which licensed inspectors working in the
private sector would also conduct statutory
work, as the ‘thin end of the wedge’ and it hit
opposition from all sides. They said it would
represent ‘privatising’ inspection (denied,
truthfully I think, by the FSA). The sceptical
▼ David Edwards
David Edwards MCIEH was co-founder in 1985 of
the food safety consultancy CMi plc, which was
sold in 2007 to NSF International. He has provided
advice to many leading companies. He
is a member of the government’s Better
Regulation panel and is a non-executive
director of four companies operating in the
fields of food technology and regulatory
software. David was awarded the
CIEH Lifetime Achievement Award in
2017. In his spare time, he is an active
supporter of Shelter, a local foodbank,
and the Samaritans.