Assisting With Preparation For Supervisory Review By Regulator
The Client’s Needs
The client is a large London market insurance firm and has been successfully growing its business. It was notified by its regulators that they wished to visit the firm to gain a better understanding how it operated within the market, its financial model, the control environments they operate within and any risks they may pose to the market as a whole. The topics the regulators wished to discuss included the client’s strategy and model; governance; systems and controls; management of conflicts of interest; and
regulatory priorities. The client wanted independent advice on how it should prepare for the visit and the level of information it was expected to disclose.
ICSR’s Solution
ICSR undertook a full documentation review to gain a high-level understanding of the business including its financials and financial model, business model, services, legal/regulated entities, products, capacity providers and controls. We prepared a full briefing for the client on the areas likely to be covered and expected to be covered by teh regulator as part of the visit, including meeting with the individuals chosen to undertake the presentation to the regulators, to ensure they clearly understood to expected approach. We also ensured those individuals were clear on their individual regulatory responsibilities.
ICSR assisted the client with the development of a formal presentation for the rgeulators and helped stage mock interviews, asking questions they might expect from the PRA and FCA.
Resources Deployed
ICSR deployed a Director of the business to oversee the work, supported by a senior consultant to provide an effective balance of resource and cost for the client as they prepared for the regulatory visit.
Client Outcome
The regulatory visit proceeded smoothly, with the client’s senior leadership team fully briefed on all relevant matters and able to respond effectively to all questions asked during the process. The regulators questions and information requirements were all addressed.
