The Delegated Authority (DA) audit management system is now back online following rigorous testing by the DA project team and the market. The system automates and simplifies the whole DA coordinated audit process and includes the additional facility of solo audits for 2017.
The system initially went live in September 2016 for over 1,000 co-ordinated audits agreed for 2017. Following the discovery of defects, it was taken offline to give the DA team the necessary time to undertake a consultation with carriers around changes to scheduling.
During the offline period all co-ordinated schedules were finalised in Excel, ensuring minimum disruption and no duplication of work for market participants. Auditors were instructed accordingly for 2017.
Enhanced version to go live in May
Phase 2 of the audit system will go live during May 2017 with enhanced services including scoping, quoting, audit preparation, onsite auditing, recommendations and a follow-up facility for both coverholders and third party administrators (TPAs).
The DA team says that testing and development of the next version of the system is going well and that the full audit cycle process for coverholders and TPAs will be available for 2018.
The coverholder audit process for this year will be handled manually in line with the 2016 process until the full system is available.
Lloyd’s has provided the DA community with more detailed instructions around the audit process.
The team is in the final stages of selecting a preferred supplier to offer DA compliance services as a central function. Market consultation will then take place before implementation can begin later this year.
Compliance – reducing requests
In order to make London an easier place to do business for our coverholders both locally and globally, the DA team is undertaking a piece of work that will reduce the number of duplicate compliance requests to coverholders and third party administrators around compliance. In addition, a common set of compliance checks for the market is being agreed.