Provision of Temporary Compliance & Risk Support
The Client’s Needs
The client is an independent reinsurance group with a well-established regulated presence in Europe, the Middle East and Latin America providing a wide range of niche and specialty reinsurance products to property and casualty insurers.
The client was working through a programme of updating and improving its ever-evolving governance and control environment and required additional advisory support for its Risk and Compliance function which was based offshore. The resource was needed to ensure that day to day operations of its Financial Crime Framework were not disrupted, but running as expected. The resources was also required to be able to review and update the Compliance Function within the UK to meet local requirements as well as to help identify and document key elements of the firm’s control and risk mitigation environment.
ICSR’s Solution
ICSR provided an employee with both Compliance & Risk experience to assist the client meet local day to day compliance and financial crime requirements as well as assist and improve the financial crime and compliance frameworks and identify and document all of the operating controls for risk mitigation purposes.
Resources Deployed
The client’s brief required an individual with strong and broad range specialist skills. ICSR deployed one of its employees as the resource and who worked directly reporting to the CEO.
Client Outcome
The client has seen a significant improvement in the development of its governance and compliance frameworks as well as the identification and documentation of its risk mitigation controls.
