When short-term gain equals long-term pain

Adopting a ‘quick-fix’ approach to FSA compliance issues could in the long run prove a disaster for insurers. Adrian Cobb , UK managing director of TOWER Technology, believes that too many companies are addressing ‘compliance’ as a bolt-on to their business without any integration of the relevant processes. This is potentially catastrophic because it means adding not only another layer of unnecessary cost onto the bottom line, but also another opportunity for errors to creep in to systems, through duplication of information. Instead of building a separate process to ensure compliance, Mr Cobb advises insurance companies to build compliance into each and every one of their processes.