Assisting International Insurer Manage Its Operational Resilience Obligations
The Client’s Needs
The client is a global insurance group. It operates UK and EU based MGUs and distributes its products through MGAs based in the UK and EEA. The products distributed are almost entirely for SME businesses. The client was within the UK Temporary Permissions regime and aware that it would need to comply with the FCA and PRA requirements for Operational Resilience. Whilst acknowledging that it would need to provide some internal resource to support the project, the client was seeking external resourcing assistance to undertake as much of the activities required to complete the project as possible.
ICSR was able to provide a proportional approach to work around the client’s business model, its state of development and within the context of the type of customers involved. We provided a Subject Matter Expert who was able to ensure that all of the key Operational Resilience requirements were met in line with the regulatory timeframes, working alongside the client’s existing teams where appropriate.
ICSR deployed a highly experienced Operational Resilience specialist from its Talent Pool to lead the work, who was able to provide both the subject matter expertise and additional resourcing that the client required. The work was overseen by a director of ICSR.
The client was able to meet the deadlines imposed by the Operational Resilience requirements without impacting its ‘BAU’ workloads, with the ICSR resources providing all of the necessary additional capacity and expertise.