Objective
Goal of the global operating and partly market-leading insurance company was to steer, standardize and automate its activities regarding the fight against financial crimes focussing on sanctions. There was a need for a project lead, that is accountable for the implementation of insurance as well as service products, at one of the large subsidiaries and 33 further global, legally independent units.
Execution
Part of the classic project activities were the analysis of the as-is situation in countries, the development of suitable target screening tools, the implementation of onboarding-workshops, the management of all implementation activities for the tool with various stakeholders, securing the Go-Live-approval processes for the tool and controlling activities in ongoing operation.
The latter included the monitoring of screening activities to motivate companies to do their background checks on a regular and accurate basis.
Given the fact that all 33 units belong to the same parent company, a standardized approach was from vital importance. This was ensuring a high level of transparency and control. The review and improvement of group standards was an ongoing process during the entire project.
Challenging, yet important tasks of the project manager were to ensure compliance of the data protection requirements and project agreements with legal entities, as well as continuous controlling of the project budget and regular reporting to the management.
Result
The 33 units were put in a position to implement an effective screening solution through an organized and standardized approach, that left room for local requirements. The new screening process meets local and central business requirements while reducing the risk of entering direct business relationships or indirectly supporting operations of sanctioned persons.
