Retainer Services

RETAINER SERVICES

A fixed-cost solution designed for start-up and smaller firms that need flexible compliance & risk support.

Overview of Retainer Services

Our retainer solution is designed for smaller and start-up firms entering, or already working in, the regulated space, which recognise the value of bespoke advisory support that is tailored to their strategic objectives. We offer a fixed cost solution that combines knowledge, expertise, resourcing and technical support, leaving you to focus on growing your business.

What We Offer

Our retainer model is based on the Compliance and Risk needs of FCA regulated firms. The core offering provides:

  • A flexible solution for small and growing firms;
  • Ongoing support and advice for firms across the risk and/or compliance functions, provided by subject-matter experts;
  • Optional introductory Compliance Health check and Risk Assurance review to help prioritise your requirements;
  • Named individuals that can work as part of your team, supporting your routine Risk & Compliance activities;
  • Assurance and comfort for your senior leaders around the adequacy of your systems and controls;
  • Flexible additional resourcing and services, based on specific needs or projects.

What’s Included – Overview

Our standard model provides for a fixed number of days support for clients, covering:

  • Monthly allocation meetings to discuss and agree needs and requirements;
  • A specified list of services that will be provided and task that will be completed, for risk & compliance;
  • Compliance: 1 day per month
  • Risk: 3 days per quarter (aligned to your quarter-end), recognising that the support is generally required in blocks, rather than monthly.
  • All allocation meetings, service days, and tasks outlined below included in the fixed cost;
  • A full service-level agreement for any additional support that may be required outside of the standard agreement.

Compliance Health Check

Our Compliance Health Check is designed as an introductory service that allows you to understand the key issues your business is facing and prioritise actions based on the regulatory and business requirements. Our Compliance health check offers you:

  • Assurance for your senior management;
  • A clear report identifying any gaps and issues;
  • A detailed report documenting the findings and recommendations;
  • A fully tailored approach to regulatory compliance as part of your business planning.

A Compliance Health Check can be provided on its own, or in conjunction with the Risk Assurance Review. It is available as a one-off service or incorporated into an annual fee as part of our retainer.

Risk Assurance Review

Our Assurance Review is an introductory assessment of the enterprise risks your business is facing, enabling you to prioritise actions based on the regulatory and business requirements. Our Risk Assurance Review covers your:

  • Risk Framework
  • Risk Culture Review
  • Risk Register
  • Incident Management
  • Emerging Risk Log; and
  • Risk Policies

A Risk Assurance Review can be provided on its own, or in conjunction with the Compliance Health Check. It is available as a one-off service or incorporated into an annual fee as part of our retainer.

2nd Line Assurance Review – Joint Risk and Compliance

For clients wishing to conduct a joint Risk and Compliance Health Check, we offer a ‘2nd Line Assurance Review’, providing you with a single report outlining the status of your Risk and Compliance functions. When delivered as part of our full Retainer solution, this will help drive recommendations to prioritise tasks according to your business needs.

Conducting a 2nd Line Assurance Review is a more efficient process and we are able to offer you the benefit of this efficiency in the form of a reduced fee when undertaking this broad Assurance check for your business.

Included Services

Compliance

The following services are all included as part of our standard retainer fee. There is no additional cost to you for the BAU delivery of these services.

  • Complaints management support and advice
  • Compliance advisory (i.e. BAU query management)
  • Compliance breach management
  • Compliance MI and reporting
  • Compliance monitoring
  • Drafting and reviewing Annual Compliance Plan
  • Drafting and reviewing, on at least an annual basis, Policies and Procedures (including Business Continuity and Disaster Recovery, Complaints, Conduct Risk & TCF, Consumer Duty, Conflicts of Interest, Data Protection, Financial Crime, Financial Promotions, Fitness & Propriety, Product Governance, Remuneration, SMCR, Vulnerable Customers, Whistleblowing)
  • Horizon scanning
  • Maintaining Compliance logs and registers
  • Regulatory reporting support

Risk

The following services are all included as part of our standard retainer fee. There is no additional cost to you for the BAU delivery of these services.

  • Risk and Control Self-Assessments (RCSAs)
  • Incident Event Management
  • Emerging Risk Review
  • Drafting and reviewing, on at least an annual basis, Risk Framework and Risk Policies
  • Assistance with drafting and reviewing any Regulatory Reporting
  • Quarterly monitoring of Risk Appetite Statements

Optional Services

Compliance

The following services are not included as part of our standard retainer fee, but can easily be added. The exact cost will depend on the specific requirements of each scenario.

  • Implementation of new regulations
  • Project work (i.e. non-BAU work with a defined scope and a specific set of deliverables)
  • Regulatory liaison (e.g. preparation for regulatory visits, thematic review responses, etc.)
  • Training (e.g. bespoke training, case studies, Q&A-based refresher tests)

Risk

The following services are not included as part of our standard retainer fee, but can easily be added. The exact cost will depend on the specific requirements of each scenario.

  • Development of Board Reporting
  • Project work (i.e., non-BAU work with a defined scope and a specific set of deliverables e.g., GRC Build)
  • Thematic Reviews
  • Annual Report drafting and review (ORSA, Internal Model Validation, Risk Function Effectiveness Review, and setting of Risk Appetite Statements)
  • Stress and Scenario Testing

Key Contacts:

If you would like to know more about the way we could help your firm, please speak with one of the team below, or your usual ICSR contact.

Claire King

Risk & Compliance Director

Latest Case Studies

Assisting International Insurer Manage Its Operational Resilience Obligations

Assisting International Insurer Manage Its Operational Resilience Obligations

Digital Operational Resilience Act (DORA) Support For Client In The Irish Regulated Market

Digital Operational Resilience Act (DORA) Support For Client In The Irish Regulated Market

Assisting Client With Evolution Of An Outsourcing Framework

Assisting Client With Evolution Of An Outsourcing Framework

Support Setting Up UK Branch And Post-Authorisation Compliance Support

Support Setting Up UK Branch And Post-Authorisation Compliance Support

Assisting Client With Feasibility Study on Creating A Start-Up Insurer And Obtaining UK Authorisation

Assisting Client With Feasibility Study on Creating A Start-Up Insurer And Obtaining UK Authorisation

Advising Client On Authorisation Process To Create A UK Insurance Broker

Advising Client On Authorisation Process To Create A UK Insurance Broker

Advising Client On Authorisation Process To Create A UK P&I Club

Advising Client On Authorisation Process To Create A UK P&I Club

Assisting The Client With Building An MI Framework For Third Party Reporting

Assisting The Client With Building An MI Framework For Third Party Reporting

Assisting International Insurer With Authorisation And Operating Model Development

Assisting International Insurer With Authorisation And Operating Model Development

Review Compliance Framework Controls To Ensure Consumer Duty Effectively Implemented

Review Compliance Framework Controls To Ensure Consumer Duty Effectively Implemented

Assisting with Compliance Framework Development for UK Branch

Assisting with Compliance Framework Development for UK Branch

Providing Compliance Support To Assist The Clients Operationalisation of its UK Branch

Providing Compliance Support To Assist The Clients Operationalisation of its UK Branch

Supporting The Client With The Delivery Of A New Governance, Service And Operating Model As A Part Of A Corporate Restructure

Supporting The Client With The Delivery Of A New Governance, Service And Operating Model As A Part Of A Corporate Restructure

Assisting Client With Integration Of Governance, Risk And Compliance Frameworks

Assisting Client With Integration Of Governance, Risk And Compliance Frameworks

Undertaking A Review Of Cultural Change Work Within A Lloyd’s Business To Establish Its Effectiveness

Undertaking A Review Of Cultural Change Work Within A Lloyd’s Business To Establish Its Effectiveness

Assisting Client With The Parameterisation Of Its Operational Risk Processes And The Redevelopment Of Its ORSA Process And Templates

Assisting Client With The Parameterisation Of Its Operational Risk Processes And The Redevelopment Of Its ORSA Process And Templates

Assisting London Market Insurance Broker With Operational Resilience

Assisting London Market Insurance Broker With Operational Resilience

Board Effectiveness Review For Leading International Broking Firm To Support Its UK Growth Plans And Regulatory Compliance

Board Effectiveness Review For Leading International Broking Firm To Support Its UK Growth Plans And Regulatory Compliance

Detailed Compliance Training Provided for Insurer Staff

Detailed Compliance Training Provided for Insurer Staff

Assisting European insurer with assessment of post-TPR authorisation Options

Assisting European insurer with assessment of post-TPR authorisation Options

Assisting European insurer with Application for UK Authorisation

Assisting European insurer with Application for UK Authorisation

Advising International MGA On Its Product Governance Requirements

Advising International MGA On Its Product Governance Requirements

Advising International Insurance Broker on its Product Governance Requirements

Advising International Insurance Broker on its Product Governance Requirements

Creating A Product Governance Framework Including Policy And Procedure

Creating A Product Governance Framework Including Policy And Procedure

Undertaking Financial Crime Risk Assessment For Client

Undertaking Financial Crime Risk Assessment For Client

Monitoring Appointed Representatives Compliance Adherence for Principal

Monitoring Appointed Representatives Compliance Adherence for Principal

Support Developing Operational Resilience Control Framework

Support Developing Operational Resilience Control Framework

Development of ORSAs and related ERM work

Development of ORSAs and related ERM work

Temporary Compliance Resource Provided As Maternity Cover

Temporary Compliance Resource Provided As Maternity Cover

Development of Climate Change and ESG Frameworks

Development of Climate Change and ESG Frameworks

Provision of Temporary Compliance & Risk Support

Provision of Temporary Compliance & Risk Support

Review Of Complaints Procedures For International Insurer

Review Of Complaints Procedures For International Insurer

Assisting Our Client With An Application For Authorisation From The FCA

Assisting Our Client With An Application For Authorisation From The FCA

Implementation Of Updated Sanctions Screening Solution

Implementation Of Updated Sanctions Screening Solution

Providing expert evaluation of the governance and control arrangements and identifying opportunities to materially enhance the client’s structures, composition and processes

Providing expert evaluation of the governance and control arrangements and identifying opportunities to materially enhance the client’s structures, composition and processes

Developing A Financial Crime Risk Assessment For One Of The UK’s Leading Employee Benefits Providers

Developing A Financial Crime Risk Assessment For One Of The UK’s Leading Employee Benefits Providers

Resourcing And Training Support For Client To Ensure They Were Adhering To All Applicable Sanctions’ Regimes And Effectively Managing Their Sanctions Exposures

Resourcing And Training Support For Client To Ensure They Were Adhering To All Applicable Sanctions’ Regimes And Effectively Managing Their Sanctions Exposures

Financial Crime Training For Board And Senior Leadership Team Of UK Based Broker

Financial Crime Training For Board And Senior Leadership Team Of UK Based Broker

Advising On The Authorisation Requirements To Set Up A Branch Or Subsidiary In The UK

Advising On The Authorisation Requirements To Set Up A Branch Or Subsidiary In The UK

Advising On The Authorisation Requirements To Set Up A UK Broker

Advising On The Authorisation Requirements To Set Up A UK Broker

Advising International Firm on the Application of the Temporary Permissions Regime to Its Business

Advising International Firm on the Application of the Temporary Permissions Regime to Its Business

Advising International Firm On Options For UK Structure Post-Temporary Permissions Regime

Advising International Firm On Options For UK Structure Post-Temporary Permissions Regime

Assisting Client With Project Delivering PRA and FCA Operational Resilience Requirements

Assisting Client With Project Delivering PRA and FCA Operational Resilience Requirements

Support Preparing For Introduction of Operational Resilience and Business Continuity Planning

Support Preparing For Introduction of Operational Resilience and Business Continuity Planning

Support with Brexit Planning for European Reinsurer

Support with Brexit Planning for European Reinsurer

Support With The Post-Acquisition Integration of London Market & Lloyd’s Brokers

Support With The Post-Acquisition Integration of London Market & Lloyd’s Brokers

Our client required an independent Board Effectiveness review in accordance with its’ three-yearly cycle

Our client required an independent Board Effectiveness review in accordance with its’ three-yearly cycle

Recovery and Resolution Planning

Recovery and Resolution Planning

Review client’s governance, control and risk frameworks to ensure that the operating model remained fit for purpose

Review client’s governance, control and risk frameworks to ensure that the operating model remained fit for purpose

Providing Validation and Advice to Overseas Insurance Group on SM&CR

Providing Validation and Advice to Overseas Insurance Group on SM&CR

Assisting Client’s Management Prepare for Lloyd’s Governance, Compliance and Culture Review

Assisting Client’s Management Prepare for Lloyd’s Governance, Compliance and Culture Review

Assist with changes to governance, capital model, risk, compliance, operations, claims functions and frameworks

Assist with changes to governance, capital model, risk, compliance, operations, claims functions and frameworks

Supporting client with Due Diligence Work for Private Equity Backed M&A Activity

Supporting client with Due Diligence Work for Private Equity Backed M&A Activity

Assistance with implementation of control framework in merger of multinational client with London Market Insurer

Assistance with implementation of control framework in merger of multinational client with London Market Insurer

London Market insurance broker needed to create a solution for Brexit

London Market insurance broker needed to create a solution for Brexit

Independent compliance monitoring review of outsourcing arrangements

Independent compliance monitoring review of outsourcing arrangements

Review of US-owned firm’s UK Conduct Risk Framework

Review of US-owned firm’s UK Conduct Risk Framework

Advice and support on the development of a distribution chain involving the use of non-admitted insurers

Advice and support on the development of a distribution chain involving the use of non-admitted insurers

Creating the necessary frameworks and procedures to ensure compliance with IDD

Creating the necessary frameworks and procedures to ensure compliance with IDD

Assisting Start-up with Product Development, Compliance & Risk Frameworks

Assisting Start-up with Product Development, Compliance & Risk Frameworks

Advising And Supporting A New Global Insurance Group On Set-up, Licensing And Distribution

Advising And Supporting A New Global Insurance Group On Set-up, Licensing And Distribution

Supporting a Lloyd’s Syndicate With New Product Development and EU Distribution Requirements

Supporting a Lloyd’s Syndicate With New Product Development and EU Distribution Requirements

Developing A Complaints Management Framework For An Overseas Insurer

Developing A Complaints Management Framework For An Overseas Insurer

Temporary Permissions Regime for Brexit And Outsourced Compliance and Risk Resources

Temporary Permissions Regime for Brexit And Outsourced Compliance and Risk Resources

Data Protection and GDPR

Data Protection and GDPR

Merger & Acquisition: Control Framework Implementation

Merger & Acquisition: Control Framework Implementation

New Governance and Controls for New TOM

New Governance and Controls for New TOM

Product Governance and Compliance Monitoring Rebuild

Product Governance and Compliance Monitoring Rebuild

Latest Articles

Operational Resilience – The Final Furlong Towards Implementation

Operational Resilience – The Final Furlong Towards Implementation

The journey for firms on Op Res has been a long one, with the timeframes for demonstrating compliance seemingly rather generous. It has often seemed more like a long-distance canter than a sprint, with firms working towards a deadline of March 2025. As we enter the final furlong of that race, Claire King reviews the requirements.

read more
ICSR Attends BIBA 2024

ICSR Attends BIBA 2024

ICSR will again be supporting the Managing General Agents Association (MGAA) with its presence at the 2024 BIBA Conference. Matt Davies and Palak Bedi will be in attendance to participate in the debate and represent ICSR.

read more
PRA Business Plan: An Agenda For (International) Growth?

PRA Business Plan: An Agenda For (International) Growth?

The PRA published its business plan earlier in April and as with the FCA, there is unsurprisingly quite a significant focus on how it will deliver its new growth objectives now these are formally in place. Kenneth Underhill and Claire King look at what’s in the 2024 plan.

read more

Advisory & Resourcing

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