Insurance Industry Must Take Data Governance Seriously

Press Release
Thursday, June 02, 2011

Leading accountant and insurance industry adviser Moore Stephens has questioned whether data governance is being accorded the attention it deserves by the insurance industry.

Recent FSA Arrow visits have highlighted a number of frequently recurring problems in insurance firms relating to risk management, governance, data and reporting. These include poor risk control culture, poor reporting, ineffective governance, inadequate allocation of control staff, lack of integration across controls and risks, and poor formalisation of roles and accountability.

Moore Stephens Director Charles Portsmouth says, “Data is the lifeblood of any organisation. It feeds everything a company does. It informs the overall decision-making process and is a vital part of risk management. The proper use and application of complete and accurate data is a central part of the overall Solvency II regime. But is data governance being accorded the importance it merits in the insurance industry?”

Writing in the latest issue of the firm’s Insured Interest newsletter, Portsmouth says, “The FSA requires firms to have a proper data policy in place, and it calls for proper board engagement. Data, and the risks associated with it, should form an integral part of a board’s established risk reporting, and not merely constitute a moveable item on the board agenda influenced by technology-related developments within the firm. Improved management of data to feed reporting systems, and greater board engagement, are vital ingredients for better information relating to management, risk and general business conduct.

“Simply writing a data policy is not enough, in itself. Proper data management is essential, and the data must be accurate, complete and appropriate. Data policies, meanwhile, should facilitate the identification and control of the risks associated with data. Poor information can lead to poor data quality, and vice versa. What is needed is a robust data model, linked to core risk factors in order to produce meaningful management and regulatory information.”
 

Source: Moore Stephens

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Chariot Oil & Gas 1H 2014 Interim Results

Chariot Oil & Gas Announce Interim Results for 1H 2014 Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, today announces

Inchcape Shipping Celebrates 25th Anniversary of ISS Greece

Inchcape Shipping Services (ISS), the world’s leading maritime services provider, has this month celebrated the 25th anniversary of its operations in Greece

Australia, New Zealand Navies Intercepts Drugs off Africa

A combined Australian and New Zealand operation 260 km off the coast of Africa has seized more than 5.6 metric tons of cannabis resin worth an estimated $280 million (AUD).

 
 
Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1887 sec (5 req/sec)