Global best practices in “Conduct Risk” in insurance introduced here

The Sri Lanka Insurance Institute (SLII), TCF Consulting (UK) and Global Business Counselling (GBC) recently collaborated to introduce the concept of ‘Treating Customers Fairly’ otherwise known as “TCF” and also more recently referred to as “Conduct Risk”, to the insurance industry of Sri Lanka.

The ongoing industry-wide programme was kicked-off with Ceylinco Life Insurance successfully completing the TCF awareness training programme for the senior management of the company conducted at the company headquarters at Havelock Road, Colombo. This pioneering training programme introduced to Sri Lanka is in keeping with global industry practices which have seen an increase in regulations directed at the financial services sector, according to a media release by organisers.

TCF Consulting and GBC collaborated with the SLII to design a bespoke “Treating Customers Fairly (TCF) Awareness Programme” to be delivered to senior management of top tier organisations of the financial services sector in Sri Lanka. The main aim of the training programme is for senior employees to have an appraisal of the concept of conduct risk, to have developed a comprehensive understanding of the principles of fair treatment, and to produce a plan to transfer the learning into their organisation.

The training programme provides a foundation to enable TCF practices to become embedded into all parts of the firm resulting in the organisation being recognised as having fair treatment of customers as central to their corporate culture.

Udeni Kiridena, CEO, SLII stated “the Sri Lanka Insurance Institute was pleased to be associated with both TCF Consulting UK and Global Business Counselling in facilitating the ongoing TCF/Conduct Risk awareness being provided to insurance companies in Sri Lanka, especially in light of the recent focus of regulators globally and locally on the aspects of fairness in the conduct of insurance professionals when dealing with customers who have very low financial literacy.”

Stephen Rosling, Director TCF Consulting (UK), said, “It was a pleasure to share my insights and interact with professionals in an industry that I have been associated with for the past 30 years. It was especially rewarding to see the enthusiasm amongst the delegates and the priority given by the senior-most in management”.

Chandri Gunawardhana, founder and CEO of Global Business Counselling (Sri Lanka and Singapore), added, “GBC is honoured to be a partner in this pioneering effort jointly conducted with SLII and TCF Consulting UK in line with GBC’s credo of “Total Solutions Provider”.