The project was performed for an insurance company acting in the non-life insurance market. As the company grew fast, they required support within the risk and compliance departments, to establish the risk and control register, to elaborate policies and procedures and to work on the due diligence process.
The big challenge faced by the institutions were to be able to deal with regulatory requirements as the company grew fast.
The objective of the customer was to elaborate policies and procedures aligned with the current regulations and to finalize the risk and control register to present to the risk committee.
In addition, within the compliance department, the client required support to decrease the workload linked to the due diligence process to be justified to the national regulator.
As the company grew fast, resources were limited and regulatory requirement enhanced.
As the project took place in the COVID-19 situation, since the company acts globally, communication between resources was enabled through video-conferences.
To tackle the problem of limited resources, the company asked for external support. Hence, to achieve client’s objectives, a daily support was established within the risk and compliance departments.
A direct support was provided to elaborate policies and procedures as well as to finalize the risk and control register. Those projects contributed to prepare the risk committee.
Moreover, additional specific support was provided to the compliance department to ease the due diligence process.