Preparing for Operating Principles at Lloyd's

Operating Principles at Lloyd's Solution

With the constant change in the regulatory environment, ViClarity is introducing its custom-made ‘Operating Principles at Lloyd's’ module in order to help managing agents grasp hold of the new requirements and oversight expectations. 

Lloyd's has a rollout plan to introduce Project Rio (also known as “The Principles for Doing Business"), which will replace the Minimum Standards Framework to establish a more efficient and integrated approach to regulating the industry in 2023. Their aim of replacing standards with principles gives managing agents a roadmap of expectations to meet rather than a 'one size fits all' standards approach. Management teams will be able to better customise these assessments to their own specific operations and focus on the factors that are most important to their firm.

Lloyd's has provided guidelines on changes that will need to be actioned by managing agents.

Maintain Complete Control Over Lloyd's New Principles

ViClarity's Operating Principles at Lloyd's module is specifically built around Lloyd's upcoming shift from minimum standards to operating principles. It will help managing agents automate their Operating Principles process and present data in the required format. The tool comes with a pre-populated framework with all current requirements. Our service goes beyond implementation. The system is updated periodically and each account is customised to align with our client's workflow and internal structures.

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The ViClarity suite of governance, risk and compliance technology is designed to mitigate potential regulatory pitfalls and simplify the reporting process. Navigate through the tabs below for a clearer picture of how our holistic approach to regulatory compliance software can assist your business.