Product Governance and Compliance Monitoring Rebuild
The Client’s Needs
The client, a Managing Agent with multiple Syndicates was under some pressure from Lloyd’s to improve a number of facets of its business following a review by Lloyd’s.
ICSR was asked to provide support for a number of the workstreams including the Product Governance Framework and Compliance Monitoring.
ICSR’s Solution
Working with the General Counsel, compliance and risk teams, ICSR created a framework for Product Governance and advised on best practice for the approach to the different Syndicates, each of which had very different operating models, products and distribution methods.
ICSR then created a framework for Compliance Monitoring including the methodology, advised on how to achieve a risk-based approach and tie the approach in to the annual attestation process so the two were aligned. ICSR created a draft Compliance Monitoring Plan and template reports (both quarterly reports) as a part of the Governance reporting and created the report template for use following a thematic monitoring audit on an issue or line of business within the firm, incorporating best practice advice for implementation.
ICSR was also asked to assist with a review of the current controls and arrangements for Fraud including assisting the firm to review and document existing controls and advise on appropriateness of the controls as well as expectations for monitoring the effectiveness of those controls.
Resources deployed
ICSR deployed compliance and risk experience to assist the client, particularly expertise in Compliance Monitoring.
Client Outcome
The client was able to meet its initial project deadlines and provide a response to Lloyd’s requirements efficiently and effectively while also obtaining independent advice and benchmarking. ICSR continues to provide support to the client on a number of related matters.
