Enabled the documentation and standardization of the insurance industry’s operations
Context
Policy procedure manuals were to be drafted to standardize and streamline the activities of the several insurance companies in Bahrain. Policy Procedure Manuals establish guidelines and protocols for all major principles, actions, and decisions of a department or organization
Further, an Anti-Money Laundering (AML) manual is a vital component of employment screening and customer due diligence to ensure that your candidates and customers are not attempting to launder money through the business/company. We were awarded the mandate to prepare the AML manual for 22 insurance companies in Bahrain.
Solution
We leveraged our know-how of the insurance market, our assets of manuals (consisting of industry best practices), and our efficiency to deliver this assignment. Manuals were drafted to standardise the key functions such as AML, finance and accounting, administration, budget creation, and operations for many players in the insurance industry.
Impact
We helped draw a road map for the day-to-day operations of the entity and further ensured compliance with insurance regulatory requirements. The manuals created served as a guide for decision-making and outlined all necessary policies and procedures, best practices, and rules employees were required to follow. The entire assignment was executed within the agreed-upon timelines.