RISK SERVICES
We support insurance clients with all aspects of risk management and risk and capital reporting.
Overview of Risk Services
We help regulated insurance firms manage all aspects of their risk management frameworks, ensuring that they are operating in line with all relevant guidance from the relevant regulators.
What We Do
We support clients with the development and maintenance of risk frameworks including policies, appetites, key risk indicators and risk registers. We can assist you with annual planning, ORSA delivery, Stress and scenario testing, control effectiveness testing and risk analysis. ICSR has considerable practical experience in, and can assist with, various risk management matters such as:
- Developing Risk management Target Operating Models
- Risk management framework development and review (Solvency II compliant where necessary)
- Risk policies and processes development and review
- Risk appetite thresholds and tolerances
- Risk reporting frameworks
- Risk Culture, Conduct Risk and Cyber Risk assessments and implementation of recommendations
- Development and implementation of KRIs, Emerging Risks and Loss Events frameworks
- Programme/Project and M&A Risk Management
- Risk and control registers, development and review
- Annual risk management activity plan
- Control effectiveness testing/monitoring
- Stress and scenario development and testing
- ORSA frameworks (policy, process, report) preparation and review
- Solvency II System of Governance reviews
- Risk management outsourcing full/partial
- Reviews, audits and health checks on all aspects of a Risk function including resourcing, frameworks and all other activities such as reporting processes
- Selection and implementation of GRC applications
- Provision of Risk Management training to Control Owners, Risk Owners, C-Suite and NEDs
Key Contacts:
If you would like to know more about the way we could help your firm, please speak with one of our Risk specialists.
Latest Risk Case Studies
Supporting The Client With The Delivery Of A New Governance, Service And Operating Model As A Part Of A Corporate Restructure
Assisting Client With The Parameterisation Of Its Operational Risk Processes And The Redevelopment Of Its ORSA Process And Templates
Review client’s governance, control and risk frameworks to ensure that the operating model remained fit for purpose
Assist with changes to governance, capital model, risk, compliance, operations, claims functions and frameworks
Latest Risk Articles
ICSR Horizons Q1 2024: Our Quarterly Report For Senior Leaders
The Q1 2024 edition of Horizons, our quarterly report for senior leaders across compliance, risk and regulatory roles within insurance firms is now available. Get your copy.
FCA Fair Value & Product Governance ‘Dear CEO’ Letter – Strike Two From The Regulator?
If the multi-firm review & findings from the FCA in Q3 2022 were considered ‘Strike One’ for insurance firms, then the FCA’s “Dear CEO” letter of 23rd February titled ‘Re: Product Governance Thematic Review – General Insurance and Pure Protection’ can be considered ‘Strike Two’.
VisRisk Solves The Challenges Of Assessing, Evidencing And Delivering Fair Value Whilst Creating Operational Efficiency
Learn how VisRisk solves the challenge of assessing, evidencing & delivering fair value whilst creating operational efficiency, addressing concerns raised by the FCA in their assessment of firms’ response to Product Governance rules.