Assisting Client with The Parameterisation Of Its Operational Risk Processes And The Redevelopment Of Its ORSA Process And Templates
The Client’s Needs
The client is the UK and European legal entities for a large north American insurance group with operations in the UK including a Lloyd’s Managing Agency, an insurance company and an EU based insurer.
The client required advice and support on the parameterisation of its operational risk processes to give it better control of the approach to managing risk in its business. This was an extension to existing work ICSR had been engaged to undertake for the client.
ICSR was able to work alongside the client’s existing risk resources to analyse the issues and evolve the existing processes. These were delivered alongside existing development ORSA work being undertaken by ICSR for the client.
ICSR supported the client in meeting its regulatory requirements including the approval of the ORSA’s for three entities including the UK and EU companies and the Syndicates at Lloyd’s at Board level on time and on budget.
ICSR deployed experienced risk specialists from within the Talent Pool to provide expert advice and guidance to the client, with an ICSR director overseeing the work.
The client has been able to set clear risk parameters as part of its overall risk framework development.