July 31st 2023
Key deliverable now in place for the process of assembling and submitting the Core Data Record
LONDON 31st July 2023 – The LMG’s Data Council has today published its Process, Roles and Responsibilities (PRR) Final Recommendations. Having considered feedback provided in the PRR Market Consultation process earlier this year, this sets out the final recommendations for the design and functioning of digital risk processes; and allocates roles and responsibilities for data creation, approval and submission relating to risk placement and endorsement submissions.
It is regarded as a key deliverable in the work to build and drive adoption of the Core Data Record and ultimately the submission of that data to the Digital Gateway and handling of responses from it.
The recommendations published today are the first part of a trilogy of important documents to be published in sequence over the next three months. The three documents are:
PRR Final Recommendations – published today
ACORD GRLC Contract, Risk & Pre-Accounting Toolkit – to be published in August 2023
Good Practice Guide – to be published in September / October 2023
In the publication, you will find details of the Design Principles agreed at the start of the work, an end-to-end Market Journey for open market placement, as well as key messages, FAQs, and key takeaways for each role involved in the CDR assembly, submission, retrieval, and handling of gateway responses.
Rob Myers and Helen Howard-Knight, co-chairs of the Data Council Technical Group, which drove the PRR consultation programme, commented as follows:
“The outcomes from the PRR Working Group will set out the workflows of our market for the future, as part of our collective ambition to build a market that is better, faster and cheaper for our clients. It has been a hugely technical and detailed undertaking, to which many people and organisations from across the market have given their time. We thank everyone who provided input and look forward to seeing the recommendations taken forward in the workflows of companies across the market.”