Managing Insurance Conduct Risk - 29/11/2017
The Training Environment For Financial Services

Managing Insurance Conduct Risk

29 Nov 2017, London

10:00am to 4:00pm

Course Outline & Objectives

There is a now a broad understanding of the regulatory structure within general insurance firms, but it remains an emerging landscape. Business conduct is in a bright and unforgiving spotlight and – in the absence of anything prescriptive from the FCA – firms are defining what conduct risk means in and for their business.

Current activity in many companies is being determined by past regulatory action, wariness over FCA thematic priorities and fear of arbitrary supervisory action. This has led to a focus on downside risk avoidance – as if “conduct risk” was a component of operational risk – with the potential consequence of a disproportionate response.

This workshop is designed to connect the similar and overlapping regulatory themes of managing conduct risk, fairness and TCF with the underpinning common denominator of culture.

Specifically, it will help insurance professionals:

  • Define, interpret and understand conduct risk and how it relates to Treating Customers Fairly and a fairness culture
  • Revise the TCF Customer Outcomes, what they mean to the firm and its business model
  • Differentiate between what is fair and unfair customer treatment
  • Identify customers’ “moments of truth” and how different functions can influence these across the product life cycle
  • Translate the regulatory expectations into robust yet workable and proportionate processes, systems and controls: effective product governance
  • Recognise where fairness is – or needs to be – further embedded in the culture
  • Show that fairness is not just a regulatory “must do” and how “doing the right things by customers” is a source of competitive advantage.

Who is it for?

This course is for both insurers and brokers, for Senior Managers, Approved Persons in Significant Influence Functions and those in Compliance, Operations and line Managers whose role will be directly impacted by more explicit and more rigorous regulatory expectations, expectations that go to the heart of the business and how it is run.

Training Approach

The workshop is part briefing, part training and part forum: combining tutor input, opportunity for discussion, examples to challenge and case studies to bring the subject to life and reinforce confidence.

Course Tutor

John Constable has over 20 years’ training experience with both insurers and brokers. He was Head of People Development at JLT where he engineered a number of critical projects to support the business, including the development and implementation of robust structures, policies and procedures to comply with the FSA’s requirements for Training & Competence. He now runs regulatory, risk management and financial training, bringing commercial awareness, credibility and pure energy to open courses, bespoke in-company work and board briefings. John regularly authors industry on-line learning and his published articles have included Solvency II, operational risk, financial crime and training and competence strategy. John has a BA (Hons.) History degree from Kings College London, he holds a financial qualification from the Open University, a Diploma in Management from Henley Management College and is a Member of Chartered Institute of Personnel and Development.

Course Programme

Session Aim Content
Introduction To introduce content and establish the learning goals
  • Course overview
  • Course and individual learning objectives.
Revision and perspective Review FCA objectives and supervisory framework
  • The aim and operational objectives: conduct risk
  • Your culture: avoiding poor outcomes for customers or achieving good ones?
  • Your business model, strategy and culture: future conduct risk?
An evolving agenda  Understand developments in Treating Customers Fairly
  • TCF Mk 1 in hindsight
  • TCF within the regulatory priority of “fairness”
  • Beyond the 6 Customer Outcomes
Fairness connections Consider what Customer Centricity means in practice
  • The “moments of truth” in the customer experience
  • Applying the product life cycle to the distribution chain: customer needs, risks and exposures
A fairness culture Highlight the key expectations
  • Understanding “culture”
  • Drivers of a fairness culture
Demonstrating fairness Identify measures of product governance
  • What should we measure; what can we measure?
  • Leading vs lagging MI: what does it tell us?

This course can be delivered in-house at a time and location to suit your business and tailored to suit your people and organisation. We can also create bespoke training when something very specific is needed.Please contact us to discuss your requirements in more detail and at no obligation.

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