Creating the necessary frameworks and procedures to ensure compliance with IDD
The Client’s Needs
ICSR were asked by numerous clients nearing the time for introduction of the IDD into the UK to assist them with their work creating the necessary frameworks, procedures and committee structures to ensure compliance with the new requirements particularly the FCA PROD rules. These clients included start-up and established brokers, MGAs, Lloyd’s Syndicates and London Market insurers.
ICSR operated a bespoke approach for each client ensuring that the created processes and procedures were appropriate and proportionate for each business having regard to any particular requirements, such as the Lloyd’s Minimum Standards and the nature and size of the business and the products involved.
Procedures were supported with template documentation and advice was provided on the operation of the approach for different products with different risk profiles as well as different distribution models.
ICSR continues to assist clients with work on the evolution of their Product Governance Requirements as they include new products and distribution models, merge or change their operating models or in advance of any regulatory thematic reviews.
ICSR deployed a team of resources including experienced risk, control and compliance professionals to help the clients.
Our clients completed the roll-out of their new control frameworks on time and within budget.