Assisting Start-up with Product Development, Compliance & Risk Frameworks
The Client’s Needs
ICSR was approached by a significant insurer start-up in the UK to assist in the development of the firms’ products, compliance and risk frameworks including assisting with the review of proposed financial crime framework and processes being built into the firm’s operating model.
ICSR’s Solution
ICSR:
- Undertook a full review of the proposed financial crime framework and proposed controls to be developed as a part of the firms operating model;
- Reviewed the risks arising from the proposed distribution model for the products;
- Reviewed the product wording, product summary and Terms of Business and Distribution arrangement;
- Reviewed and assessed the Risk and Compliance frameworks for appropriateness and completeness;
- Advised the firm generally on issues as it developed its business and operating model.
Resources Deployed
A member of the Talent Pool led the work with support from a Director of ICSR.
Client Outcome
The Client was able to commence the underwriting and distribution of its products within planned timescales, whilst developing its marketing and distribution strategies alongside that work.
