Assisting Client With Evolution Of An Outsourcing Framework
The Client’s Needs
Our client was an international insurance group with a Managing Agency at Lloyd’s. It had in place a framework for the approval and oversight of outsourced service arrangements. Following the PRA introduction of Supervisory Statement SS2/21 obliging firms who outsourced services to ensure greater resilience in their business, it wished to undertake a project to review the arrangements it had in place and to upgrade the existing framework for approval and oversight. It required external resource and support to assist in view of the short timeframes for ensuring compliance with the PRA’s new requirements.
ICSR carried out a detailed assessment of the client’s existing framework documentation and outsourcing arrangements and completed a gap analysis of the framework and current arrangements against the new PRA requirements. We developed and evolved the existing framework, to include a planned remediation exercise for existing arrangements, the development of a matrix to determine materiality and the implementation of new frameworks where required.
ICSR deployed a team comprising a business analyst from the Talent Pool and a director of the business to provide a proportionate balance of resource.
The client was able to meet its obligations under the Supervisory Statement and ensure its outsourcing processes were in line with the new regulatory expectations and appropriate for its business model.