Aveni Launches Innovative Consumer Duty Board Report for Data Compliance Assurance
Scottish fintech Aveni, has unveiled its innovative Consumer Duty Board Report. This report template offers a robust solution to reassure board members that their data obligations are being diligently met. As the financial landscape evolves with the advent of data-first regulation and the increasing demands of quality and risk assurance stipulated by Consumer Duty, the responsibility placed on boards has grown exponentially. Aveni's template is a critical step in addressing this challenge.
The Consumer Duty Board Report template is a tool designed to help companies create reports that are not only board-ready but also regulator-friendly. It provides a clear roadmap for evaluating data requirements within four key areas: Product and Service, Price and Value, Consumer Understanding, and Consumer Support. By scrutinising these dimensions, organisations can effectively determine whether they are meeting the Consumer Duty mandate.
The template goes beyond guidance; it equips users with the necessary metrics to measure, the data required, and the actionable insights that stem from this data. Additionally, it offers practical examples of technologies that can be leveraged to automate reporting and facilitate access to, as well as analysis of, crucial data. By adopting this comprehensive approach, companies can demonstrate their commitment to fulfilling Consumer Duty Key Performance Indicators (KPIs) and reassure regulatory bodies that proactive risk management is firmly in place at the board level.
Joseph Twigg, CEO of Aveni, emphasised the significance of the Consumer Duty initiative, stating,
"Consumer Duty is well underway in its implementation phase, and the Financial Conduct Authority (FCA) is demonstrating its commitment to enforcing it by taking action against non-compliant banks and building societies. The core expectation of data-backed evidence is a shared responsibility that extends throughout the organization, all the way up to the board level. Boards must possess a deep understanding of the factors affecting consumers and the metrics to track potential risks, as well as the corrective actions taken to address issues before they escalate. Our report template has been meticulously designed to reassure boards that Consumer Duty-related risks are being diligently assessed and that relevant data is being disseminated across the organization to ensure continuous improvement."
Twigg continued, "When we founded Aveni, our extensive experience in financial services strategy and planning was central to our mission to provide solutions that address the pain points faced by executives and boards, especially from a regulatory perspective. We are now collaborating with some of the largest banks, equity release, and advisory firms to deliver on this mission."
For those interested in adopting this transformative template, the Consumer Duty Board Report template is available here.