Support Developing Operational Resilience Control Framework
The Client’s Needs
The client is a leading non-life insurance company in Korea, offering a wide variety of insurance products and risk solution services to personal and commercial clients in domestic and international markets. It required assistance understanding the requirements of the Operational Resilience regulations.
ICSR was engaged to assist with the development of the overarching framework, identification of IBS and rationale documentation, key mapping, scenario testing templates and other activities necessary to create the complete framework required to ensure the client was meeting the PRA and FCA requirements for Operational Resilience.
ICSR provided the following:
- A full assessment of the business and risks necessary to create the control framework;
- Support with developing the governance and control framework and all template documentation necessary for building its operational resilience plans;
- Identification and mapping of Important Business Services and setting of impact tolerances and development of the monitoring arrangements, creation of scenario testing and other activities required for Operational Resilience.
ICSR created bespoke solutions in line with the wider business requirements, providing a pragmatic approach to operational resilience for the UK regulated subsidiary given its diverse trading arrangements, international footprint and the need for proportionality.
A senior member of the Talent Pool with specialist experience in Operational Resilience was deployed and a director of ICSR oversaw the work.
The client has developed and deployed its operational resilience framework meeting relevant PRA and FCA deadlines.