Assisting London Market Insurance Broker With Operational Resilience
The Client’s Needs
Our client, one of the leading independent specialist (re)insurance broking firms operating in Lloyd’s, the London and international markets, needed support with delivering the required work on Operational Resilience ahead of the initial regulatory deadlines.
ICSR was engaged to provide guidance and support to the client, working alongside internal resources to help guide and manage the delivery of required work. ICSR assisted the client in:
- Creating the necessary governance framework and controls for the project;
- Identification of ‘Important Business Services’;
- Mapping of those business services and vulnerabilities;
- Identification of scenarios and scenario testing;
- The setting of Impact tolerances and statements;
- Creating the appropriate governance, monitoring and reporting framework.
ICSR deployed a senior compliance consultant with extensive experience of Operational Resilience requirements to work with the client, overseen by an ICSR director.
The client has completed phase 1 of its operational resilience work ahead of the required 31st March 2022 deadline and is now considering its approach to the next phase of work.