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Case Study

CAP support on Internal control framework and Third-Party Risk Management

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SUMMARY

The client is an insurance company. Their goal is the implement and develop their business plan/action in the heart of Europe and other countries. We did support them in their policies, in their Third-Party Risk management (“TPRM”), in the completion of their risk register, in the support and control on the Risk Appetite Statement, in the completion of the Key Risk Indicators & metrics documents and in the support & control of the Own Risk and Solvency Assessment (“ORSA”) report.

CUSTOMER GOAL

The company wants to grow and implement themselves in the core of Europe and in America. In the scoop of our mission, the group risk officer wanted to have a support on several topics (see solution section) and daily risk activities of the Brussels branch.

CHALLENGES

The regulatory requirements of the company are:

  • Solvency II directives.
  • European Union delegated acts.
  • Guidelines issued by the European Insurance and Occupational Pensions Authority (“EIOPA”).
  • Circulars of the National Bank of Belgium + Supervisory Assessment.

SOLUTION

We did finish in time the task that we have been granted:

  • We complete the risk appetite statement of 2021: Asses new metrics, KRI, the risk usage and controls on new risks.
  • We complete and send the ORSA report document to the directors: we provide to reader sufficient details on the company’s ORSA which aims to assist with strategic decision making at Board level and to allow management necessary follow-up actions.
  • We finished the completion of new policies framework review (Conflict of Interest Policy, Cookie Policy, Internal Data Protection and Privacy Policies, Renumeration Policy, Whistleblowing Policy, Standard procedure…).
  • We assessed new metric and exposure in the statement, and we complete the follow-up and controls on new risks (Europe and USA) to the Risk register of the company: we also try to find difference with years before and asses new kind of risk to take into consideration.
  • We continue to do more daily tasks and finish completion of documents above (new quantification tool for local and global assessment on real life risks, compliance, and policies documents to control, regulatory reporting, risk framework to complete and daily administration tasks).