Providing Expert Evaluation Of The Governance And Control Arrangements And Identifying Opportunities To Materially Enhance The Client’s Structures, Composition And Processes
The Client’s Needs
The client is a leading UK based insurance group with an offshore based Insurance company and UK based broker. It is a top 10 provider of retail motor insurance. It required assistance conducting an evaluation of governance and control arrangements and the identification of any opportunities to materially enhance their structures, composition and processes.
ICSR were engaged to look at:
- Board dynamics and composition;
- Board processes and behaviours;
- The governance framework including the structure of the control environment and oversight;
- The quality, quantity and appropriateness of Board reporting;
- Delegation and oversight and the level of independence of subsidiary boards;
- The culture, ethics and clarity of purpose of each board and committee;
- The strategic direction of the group and execution of this;
- Stakeholder engagement
ICSR undertook a comprehensive assessment of the governance arrangements including Board effectiveness across all of the Group and Subsidiary companies in scope. We conducted confidential interviews and data gathering exercises with all executive and non-executive directors to inform our assessment. The client was provided with a detailed and significant report, including specific recommendations to enhance performance and ensure best practice governance, controls, procedures and best practice.
ICSR deployed a Director and a senior Company Secretarial specialist from the Talent Pool to undertake the review and advise the client on the outcomes.
The client has been able to address specific areas requiring improvement and ensure its governance arrangements are fit for purpose in its goal to be a leading provider of retail insurance products.