Meeting regulatory requirements
Background
The client is one of the world’s leading insurance groups and in addition to commercial and personal insurance, they conduct complementary businesses such as risk management.
The organisations Group Risk function needed to design a number of processes, policies and procedures with the overall objective of becoming compliant with Sourcebook and creating an effective Risk Management framework across the group.
The processes spanned the areas of Insurance Risk, Credit & Market Liquidity and Operational Risk with dependencies on other regulatory projects within the company which covered FSMA (Financial Services and Markets Act) regulations and Sarbanes-Oxley requirements.
The set of standards from the FSA (Financial Services Authority) were to be developed by the organisation’s Group HQ for roll-out across all international regions within the group and all this needed to be delivered within the demanding timescales agreed between the client and the FSA.
A programme was to be set-up to develop a Risk Management framework to mitigate any risks associated with Insurance Risk, Credit and Market Liquidity and Operational Risk

What Verdandi did
Verdandi provided the project management expertise to both create the project and programme infrastructure and to lead the Operational Risk workstream. A key element of this workstream was to interface with the FSMA regulations and the Sox (Sarbanes-Oxley) methods for modeling. Working with subject matter experts from within the client, the Verdandi consultant provided the structure, methodology and project management experience to ensure that the objectives of the regulatory programme were met.

Achievements
The programme met its objectives within the timescales set and introduced policies, processes and procedures for the following:


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