New industry body launched to ‘revolutionise’ data movement and automation processes
26 July 2017
Criterion, an independent, not-for-profit industry body for Standards and Governance has been launched to take forward and expand upon the existing work undertaken over the past 25 years by Origo in the UK’s long-term savings, investment and protection markets.
Caroline Mansley has been named as managing director and said that keeping the consumer front-of-mind at all times, Criterion would lead the industry in agreeing Standards and Governance services that will ‘revolutionise’ data movement and automation processes.
Explaining the creation of the new company, Mansley said: “The financial services market is going through a period of rapid change and development, including new government led and regulatory initiatives. It is vitally important for the consumer that the industry can rely on a body that is independent, experienced and collaborative in its development of open standards.
“Standards and Governance services are a totally different set of value propositions to Origo Services. They have a different business model, route to market and resources. Both organisations will benefit from the separation as they can now independently go to market, develop and expand along different channels, offers and propositions.”
Mansley said Criterion would work with “all providers, platforms, schemes, third-party administrators, industry bodies, regulators and Government to engender trust and enable better collaboration” and enable delivery and maintenance of “ground-breaking digital services”.
Iain Duffin, independent non-executive chair of Origo, will temporarily chair the Criterion board until the company is fully established and further independent non-executive board directors are appointed.
The Standards underpin the exchange of data between organisations in the financial services industry, facilitating and improving connectivity and making it easier for industry participants to work with each other. The benefits of the Standards outlined by Criterion include:
• improved customer outcomes
• the ability to ‘build once, use often’
• reduced costs of development and linking between systems
• enabling of straight through processing
• promotion of efficiency throughout the industry.
Origo will now focus its efforts on operational services such as its Options Transfers Service, which provides automated transfers for cash, pension and asset re-registration, and its Unipass security and Integration Hub services.
Mansley has worked for a number of financial services companies, latterly in a global executive role with AIG and has led business transformation through improved governance, new technology and operational excellence. Immediately prior to joining Criterion, she was a director at B.I.B. Ltd, providing independent advice to businesses and executive leaders on change management and organisational transformation. She is also chair of the Scottish Sirens, Scotland’s professional Netball team.
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