Recovery and Resolution Planning
The Client’s Needs
ICSR’s client was the European division of a large overseas-owned multinational with a London Market company and a Managing Agent manging multiple syndicates at Lloyd’s. The firm had been required to prepare a Recovery and Resolution Plan but required specialist assistance. They had asked several firms to quote but received significant fee proposals.
ICSR were asked to support the firm’s Risk team and help to prepare the Recovery and Resolution Plan.
ICSR’s Solution
ICSR worked collaboratively with the in-house risk team, meeting with senior directors and other members of the Management team to understand their needs and requirements and were able to produce the Recovery and Resolution PLan for a significant saving on the proposals offered by others while ensuring the outcome was appropriate for the capital and business model of the firm.
The solution was particularly interesting involving as it did the need to meet the PRA Proactive Intervention Framework while also meeting the Lloyd’s expectations and approach.
Resources Deployed
ICSR deployed a director with experience in risk and compliance and several members of its Talent Pool involving individuals with governance, compliance, risk, run-off and project management skills.
Client Outcome
ICSR delivered the document on time and on budget with a capped fee including the presentation to support the Board Committee approval process.
