The Prudential Authority (PA) insists that the Head of Compliance (HoC) at insurers can be independent. Moreover, any compliance role requires the necessary skills and experience to be able to handle the task properly and satisfy the regulator. By outsourcing the role, independence is guaranteed and there are enormous cost savings.
Omega Compliance Solutions has already been approved by the PA and entrusted with the HoC position by an insurer, and would be able to ensure that your insurance company gets the benefits of our specialist professional services.
We can fulfil the HoC role or support the person appointed to the position by conducting monitoring or developing compliance controls as required in terms of the Governance and Operational Standards for Insurers (GOIs).