Assisting Client’s Management Prepare for Lloyd’s Governance, Compliance and Culture Review
The Client’s Needs
The client, a US owned Managing Agent with a single Syndicate at Lloyd’s was the subject of a Governance, Compliance and Culture review by Lloyd’s who had appointed a Big 4 Firm to undertake the review. The Management and Directors had not been involved in similar reviews before.
ICSR was asked to help guide management and prepare the firm for the review and advise on the outcome.
ICSR provided compliance and governance resources to proactively prepare the business and Board of Directors by taking the following steps:
- a preliminary review of the Managing Agents’ governance and operational documentation;
- reviewing all documentation requested by the firm carrying out the review;
- providing early advice for the Board of Directors on areas of concern from the documents;
- preparing all interviewees for their interviews;
- attending interviews as note-taker and reporting to the Board on progress;
- preparing a draft plan of action for remediation with fully populated Gantt Chart and resource assessment;
- reviewing the draft report on delivery and advising the Board of Directors on the issues raised and appropriate approach to take with Lloyd’s in response; and
- adjusting the remediation plan according to the draft report.
ICSR deployed a director with experience in governance, risk and compliance and several members of its Talent Pool involving individuals with governance, compliance, culture and risk skills.
The Board was pre-warned of the issues likely to be raised in the report by the reviewing firm and prepared with a plan to respond and proceed with early remediation. This was invaluable assistance for the Board of Directors in deciding upon the action to take and the approach to take with Lloyd’s.