caweco Business Consulting projects.

Contract and service management

The dynamics of a corporation, with restructuring, business start-ups or the relocation of tasks, has considerable impact on the documentation and charging of internal and external services services. Contracts and invoicing are not static, but require a dynamic and flexible solution that is ideally supported by workflows.

In this area, caweco Business Consulting supports financial services companies in the design and implementation of a technical solution that enables them to document and manage all services in the company within a short period of time. This way, it is possible to meet the special requirements of financial supervision and the supervisory law for outsourcing functions and service contracts. Contact with the personnel and accounting system also enables effective and efficient processes. The major challenges, in terms of documentation and administration as well as the internal allocation of services and the outsourcing of functions, are simplified. Flexible reporting also provides additional benefits for meeting regulatory requirements.

Document management

Growing mountains of files and exponentially increasing data volumes in systems, as well as the constantly increasing legal requirements in dealing with data, results in an ever-greater challenge for companies and globally operating corporations.

caweco Business Consulting has proven its expertise and conceptual experience in various projects. We have supported projects such as the definition of globally applicable and standardised time frames for storage and deletion obligations, the definition of a document management strategy, the conception and implementation of a document management system as well as the optimisation of incoming mail routes and scanning processes.

Introduction of processes and applications to avoid breaches of financial or trade sanctions

Economic sanctions are measures used by national governments or international associations (e.g. European Union or United Nations) to achieve specific policy objectives. These include financial sanctions (measures against governments, institutions or individuals) and trade sanctions (business restrictions on certain services or goods or prohibitions on direct or indirect imports and exports to or from countries).

caweco Business Consulting supports companies from various industries in introducing processes and systems to avoid violations of financial or trade sanctions. Thus, processes are implemented in the context of initiating business relationships, payments, procurement of goods, services or even real estate as well as at regular intervals in the context of ongoing business relationships. The processes are supported by the introduction of a system calibrated to the needs of the client and the establishment of a qualified organization.

Control Effectiveness Testing Implementation (Solvency II)

caweco Business Consulting supports companies in the further development of the Group’s internal compliance management system by introducing comprehensive testing of internal control measures in high risk compliance topics such as sanctions, antitrust law, fraud prevention and data protection.  This involves reviewing the compliance risk control catalogue introduced during Solvency II implementation with regard to its effective design and operational efficiency, identifying suitable key controls and testing them accordingly. In close cooperation with the Compliance, Internal Audit and Risk Management divisions, suitable measures are developed to remedy any identified weaknesses in the internal risk and control system and an implementation plan for the “First Line of Defense” is introduced in the company’s operating units.

Implementation of the new EU Insurance Distribution Directive (IDD – EU 2016/97)

The “Insurance Distribution Directive” (IDD), formerly known as IMD2, became effective 1st October 2018. Contrary to what the name of the directive suggests, this does not only affect sales: It impacts processes, the organization and also the IT system landscape.

caweco Business Consulting helps insurance companies to ensure complete compliance in accordance with EU requirements, the respective national regulations in EU countries where the company has branches and the requirements of the group holding company. A standardised procedure is put into place as well as the management and coordination of the project with the responsible department and the legal and regulatory authorities. The legal and compliance department ensures that all aspects of the IDD are taken into account: carrying out an impact analysis of the existing organization and processes as well as taking the necessary adjustment and implementation steps.

The implementation includes, amongst others, an overall assessment of the training measures relevant for the IDD, the creation and distribution of product descriptions (for organisations with units in several EU countries, this also includes translation into the official languages) and the integration of the IDD into the global product development process of the company.

Evaluation and optimization of rules concerning the prevention of credit card fraud

Digitalization and the increasing use of the Internet offer credit card fraudsters further opportunities to harm financial service providers, retailers and credit card users. caweco Business Consulting has many years of experience and expertise, services and tools as well as the necessary process knowledge in this area. With a proven approach in line with the value chain “fraud rules”, the use of market comparisons and the execution of data analyses, we can achieve verifiable optimisations by implementing practical and uncomplicated measures.