ICSR is delighted to announce it has entered into a formal collaboration with VisRisk, allowing it to offer clients access to a Fair Value Assessment toolkit that streamlines processes and provides a full evidence trail of the work performed on fair value compliance. The VisRisk Fair Value Assessment toolkit enables users to achieve significant operational efficiencies in the way they manage what can be complex process flows through large and multi-level distribution networks, whilst giving real-time reporting on progress that can be used to brief management layers, appropriate committees, boards of directors and the regulator.

What Is VisRisk?

VisRisk is a technology platform built for compliance professionals and designed to be able to host a number of complementary tools that provide insurance firms with value-added and cost-effective end-to-end solutions to a range of regulatory obligations and challenges. Whilst automating and streamlining often manual processes undertaken by firms, the platform also critically ensures that the information, audit trail and evidence necessary to meet requirements is retained. It provides product manufacturers non-exhaustively with:

• an enhanced digitalised data management platform, allowing for the simplified collection of accurate and structured product data across multiple parties;
• integrated and intuitive workflow capabilities to streamline the Fair Value Assessments, across simple or complex distribution chains, providing internal peer review options and external form circulation;
• the opportunity to identify the role played by co-manufacturers in the distribution chain;
• automated communication to improve and facilitate the interaction between manufacturers and distributors, with secure real-time conversation flows between parties;
• reporting and data analysis capabilities, which allow product manufacturers to assess fair value compliance and analyse responses, enabling the identification of the total cost to the end customer throughout the distribution chain; and
• real-time, sophisticated reporting tools and dashboards to show compliance against the FCA’s PROD 4 requirements, in a simple and interactive visual manner.

Why use VisRisk?

Getting up and running with VisRisk is quick and easy. Your current Fair Value Assessments can be migrated onto the system, and once set up, the platform will provide you with significant operational efficiencies and improved governance and oversight of the Fair Value Assessment process, allowing comprehensive and effective reporting to stakeholders and regulators.

If your business is struggling to manage the complexity of distributing Product Value Information Exchange forms to your distribution partners and analysing all of the response data, then VisRisk will help your business become more efficient.

Speak to our Compliance Director, or your usual ICSR contact, for more information and to request a demonstration.