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Automate against the newest EIOPA Outsourcing Guidelines with BVA
Insurance and Pensions Providers are about to face the challenge of having to adhere to the guidelines set by European Insurance and Occupational Pensions Authority. This includes having substantial evidence that cloud service providers upholding critical / important functions or activities for the organisation are assessed and show compliance against the EIOPA’s 13 core guidelines.
The Challenges of EIOPA Compliance
The EIOPA regulations apply to “critical or important” cloud service providers, to prevent the potential risks of regulatory fragmentation amongst the organisation and its third-party suppliers. It is therefore in place to consider the principle of proportionality and the criticality or importance of intra-group outsourcing and sub-outsourcing activities to cloud service providers. These regulations consist of rigorous documentation requirements, evidence of compliance and assessment, and auditing activities that are substantial and thorough. Based on this, it requires insurance and pensions companies to retain a high level of resources, to demonstrate compliance. Failure to comply can result in reputational damage, as well as highly impacting sanctions and measures adopted across the organisation by Member States.
BVA EIOPA Outsourcing Module accelerates complete EIOPA compliance
With the activation of these guidelines fast approaching on January 1st 2021, and a deadline to show evidence based compliance by December 31st 2021, there is a growing need to implement and rapidly scale EIOPA Compliance across your service providers. Our Outsourcing module automated and maximises governance, control and compliance against the new EIOPA regulations. BVA’s zero-preparation approach means that you are always fit for audit, with assessments and business processes aligned to key institutions such as Insurance Europe (IE).
Drive Contractual Compliance and Continuous Improvement
The EIOPA Guidelines map neatly into a tailored Vendor Management Framework, to bolster governance arrangements. Drive EIOPA compliance assessments against the contract through BVA’s Contact Compliance Engine, using Optimal Character Recognition (OCR) and Artificial Intelligence (AI)
Smartly identify, track and manage key obligations
Through BVA’s Smart Onboarding Engine (SOE), contract management couldn’t be easier in identifying the critical components of an outsourcing agreement. Extract obligations from your contracts in minutes, and continuously monitor adherence to company policy. Identify trends and reach your goals in assuring EIOPA compliance across key third-party providers.
Measure and Mitigate Risk in Real-Time
Measure and resolve any exceptions against the EIOPA Guidelines, including gaps in insurance coverage imposed amongst the critical/important outsourcing agreement. Capture front-line risks instantly to identify and mitigate potentially damaging business impact from introducing organisationally critical activities to your intra-group and sub-outsourcing functions.
Save Time and Get Prepared with Comfort
Through our pre-defined sample activities, embedded best practices and out-of-the-box foundations towards EIOPA Compliance, you can reduce the burden on end-users, saving time and effort learning and accommodating the legally mandated EIOPA obligations. Reduce overspend on resources, avoid hefty sanctions and reputational damage by effectively digitising your needs towards outsourcing excellence.
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