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Packaged Retail And Insurance-Based Investment Products (PRIIPs)

Level:
Intended audience:
Solution Store:

Advanced
Anyone providing investment services
Click here to access the templates

Introduction

Packaged retail investment and insurance products (PRIIPs) are at the core of the retail investment market. They are investment products that banks typically offer to consumers, for example, when they want to save for a specific objective such as a house purchase or for a child’s education. 

The aim of the PRIIPs Regulation (link is external) is to encourage efficient EU markets by helping investors to better understand and compare the key features, risk, rewards and costs of different PRIIPs, through access to a short and consumer-friendly Key Information Document (KID).

PRIIPs are often complicated and lacking in transparency. The information which institutions make available to investors when selling these products can be overly complex. They often contain too much jargon and can be difficult to use for comparisons between different investment products. Since institutions selling these products often also play a role in advising investors, conflicts of interest may arise producing advice which may not be in the investor's best interests.

Key Benefits

Here are the key benefits of the RequirementONE PRIIPs Solution.

Simpler Implementation

The Directive is broken into individual records which help with gap analysis to ensure complete coverage.

Collaboration

The Framework can facilitate internal and external collaboration through a common understanding and shared goals.

Mapping Controls and Policies

Individual controls and policies may apply to numerous frameworks. These can be maintained as an interlinked set of procedures to avoid duplication of effort.

A Single Point of Truth

Each compliance element is stored as a record and can be updated, commented, controlled and audited individually. Data is accessible to all stakeholders without version control issues.

Dependency Linking

All links and interfaces can be defined and maintained showing dependencies between various policies.

Reporting

Track the progress of PRIIPs compliance. In-line analytics highlight gaps in coverage, traceability of changes and project status.

Auditing

Internal and External audit teams benefit from a specialized interface with full visibility to review and evaluate procedures.

Typical Use Cases

Here is a typical, but not exhaustive, list of roles and associated use cases that would interact with this solution.

Role Use Case
End users
  • Consume the latest policies, controls and procedures
Compliance team
  • Use the framework as a guide to implement the relevant controls and policies
  • Manage and report against compliance status
Executive
  • Roadmap to achieve or improve PRIIPs Compliance

Templates

These apps and templates are used for the solution.

What Description
Specification 
Packaged Retail and Insurance-Based Invenstment Products (PRIIPs) A specification containing PRIIPs, which can be used to ensure that all policies, controls and procedures are correct.

GET STARTED
1) Download the "Packaged Retail and Insurance-Based Invenstment Products (PRIIPs)" specification from the Solution Store
2) For each PRIIPs record:
* Review it, set the Reviewed custom field to "Yes". If it needs to be reviewed later, set it to "No"
* If you need to provide a report on the record, set the Record custom field to "Yes", if not "No".
* If the record needs to be included in your policies, controls and procedures, set the Internal Documentation custom field to "Yes", else "No".
2) Link relevant Policy, Control and Procedure records to each record.
3) Use filters and reporting to identify gaps
4) If there are people in the organization who need to be informed, but do not have access to RequirementONE, Export the completed document to Word.

 

 

Getting started

  1. Select an existing, or create a new project
  2. Click on the Solution Store, and select the PRIIPs Templates
  3. Once you have the templates, add your custom data and work through the plan.

Additional notes

Combine PRIIPs with other templates such as UCITS to provide a holistic Compliance solution for your organization. 

Related links

Questions or Comments?

Respond to this post if you want to comment on the template or ask the author a question.

 

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