REG DUA

REG’s DUA Solution is the cloud-based online platform providing a single place for the management of Delegated Arrangements and Binder Risk and Performance, with effective dashboard MI reporting facilitating consistent and informed management decision making, mitigating regulatory and financial risk whilst optimising portfolio management.

Inherent risk monitoring is performed using several configurable core parameters which enable a tailored risk assessment of firms given delegated authority and the binding authority agreements being written. Further, monitoring tools enable the effective management of live risks during the lifecycle of the relationship.

The DUA Solution enables increased efficiency and commercial awareness through two-way connectivity with customers third party systems.

It builds on the foundation of the REG Network, an on-demand service developed over the past 4 years which enables our customers to execute effective counter-party governance and compliance consistent with commercial, regulatory and legal requirements.

Delegated Authority Market Challenges

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Reputational risk

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Increasing Costs

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Regulator Scrutiny

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Financial risk

REG’s research reveals that Section 166a costs are estimated to range from £250,000 to £1 million+ excluding internal opportunity cost

Managing Agents will need to satisfy themselves that they have the necessary controls and resources (both systems and individuals with suitable experience and skills) to enter into and manage delegated authority arrangements effectively.

(Lloyd’s of London Code of Practice September 2017)

FCA Expectations:

Understand delegation

Insurers should always treat delegation of authority as outsourcing and ensure they have effective risk based controls

Control customer outcomes

Customer experience should not be affected by whether the provision of the product involved one or multiple firms.

Allocate responsibilities

Insurers and intermediaries should ensure appropriate monitoring and MI is in place to identify where customers may not be treated fairly.

DUA Solution Benefits

DA-Governance-Expectations

Supports FCA’s DA
Governance Expectations

Configurable-Risk-Management

Provides Configurable
Risk Management

commercial-strength

Increases
Commercial Strength

Conduct-Risk-Oversight

Supports Structured Conduct
Risk Oversight

Decision-Making

Enables Demonstrable
Decision Making

Request your REG DUA Demo

Our short demo will walk you through our award-winning platform and show you our solution facilitates your management of the inherent and live risks across your porfolio with emphasis on the delegated functions and conduct risk.