Assisting Client With Integration Of Governance, Risk And Compliance Frameworks
The Client’s Needs
The client, an acquisitive German based insurance group acquired a large specialist MGA in the UK. Following the acquisition they required assistance with the integration of the acquired business into their governance, risk and compliance frameworks and engaged ICSR to advise and assist.
ICSR’s Solution
ICSR undertook a gap analysis of the MGA’s governance, risk and compliance functions, resources and effectiveness and provided a report to the insurance group which included an assessment of meeting regulatory compliance, a gap analysis on the documents, policies and effective controls, advice on key integration activities required and a prioritisation for incorporation into the overall integration plan.
Following the report ICSR was engaged to assist with closing the documentary and process gaps and advise on control changes required as a part of the integration planned works.
Resources Deployed
ICSR deployed a team of individuals experienced in governance, risk, control and compliance including a Director and senior compliance manager.
Client Outcome
The client has been able to undertake the integration of the business in an effective and coordinated manner with ICSR effectively acting as the workstream responsible for governance, risk and compliance in collaboration with the existing teams at the insurer and MGA before handing over to those BAU teams.
