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Financial Crime Risk Management: Effective Strategies for Organisations

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Catastrophe Modelling and Enterprise Risk Management Integration for a Leading Lloyd’s Insurer

RESULTS

Enhanced System Integration

Advanced Risk Management

Process Efficiency

Seamless Platform Alignment

Client Overview & Project Objectives

A leading Lloyd’s insurer engaged Brighter Consultancy to enhance and integrate its Catastrophe (Cat) Modelling and Enterprise RiskManagement (ERM) processes within a global IT environment. The organisation is a recognised specialist in underwriting complex risks,maintaining a geographically diverse portfolio and a strong reputation in the insurance and reinsurance market.

Brighter Consultancy was appointed to improve system integration, automate critical processes, and enhance risk management capabilities. The key objectives included:

Project Implementation & System Separation
Supporting the separation of Cat pricing and aggregation systems from legacy platforms.

 

System Migration
Assisting in migrating Exposure Management (EM) and Cat modelling tools onto a new IT infrastructure.

 

Process Automation
Streamlining and automating Cat and EM reporting, including regulatory returns such as Realistic Disaster Scenarios (RDS).

 

Database Development
Creating a centralised database for the Exposure Management (EM) Threat List, improving risk reporting and management.

 

Data Management Enhancement
Supporting the integration of large client Exposure Data Models (EDM) into the Portfolio-View EDM to improve reinsurance purchasing and group-level risk assessment.

Marine Platform Onboarding
Providing technical assistance to ensure seamless integration of the new Marine underwriting platform into the EM environment.

 

Model Integration
Investigating the integration of Verisk’s Strikes, Riots, and Civil Commotion (SRCC) model into EM processes, improving aggregate and scenario monitoring.

 

Risk View Development
Updating and enhancing the View of Risk for the Marine and Energy sectors to align with evolving risk assessment methodologies.

 

Technical Support
Providing ongoing assistance for the Natural Catastrophe Portfolio Manager, ensuring continued efficiency in risk management operations.

Project Execution

System Separation & Migration

  • Provided technical expertise to separate Cat pricing and aggregation systems from legacy platforms, ensuring a smooth transition.
  • Collaborated with the client’s EM and Cat teams to successfully migrate tools and servers onto a new IT infrastructure, improving system integration and performance.

Process Automation & Risk Data Enhancement

  • Reporting Automation
    Worked with Cat, EM, and Underwriting teams to streamline and automate reporting processes, increasing efficiency in regulatory submissions.
  • Threat List Database Development
    Developed a comprehensive database for the EM Threat List, enhancing risk reporting capabilities.
  • EDM Process Update
    Led updates to automate the generation of monthly Portfolio-View EDMs, ensuring accurate data integration for reinsurance purchasing.

Model & Platform Integration

  • Marine Platform Onboarding
    Provided technical support to integrate the new Marine underwriting platform, ensuring alignment with existing EM processes.
  • SRCC Model Integration
    Collaborated with underwriting teams and Verisk to implement the SRCC model, improving scenario and aggregate risk monitoring.
  • View of Risk Development
    Assisted in updating risk models for the Marine and Energy sectors, incorporating insights from class of business risk meetings.
  • Ongoing Technical Support
    Provided ad-hoc support to the Natural Catastrophe Portfolio Manager, ensuring operational continuity and system efficiency.

Outcomes

  • Enhanced System Integration
    Successful migration of EM and Cat modelling tools, improving system performance and operational cohesion.
  • Improved Process Efficiency
    Automated reporting processes reduced manual effort and increased accuracy in EM and regulatory submissions.
  • Advanced Risk Management
    The development of the EM Threat List database and SRCC model integration enhanced risk monitoring capabilities.
  • Seamless Platform Integration
    Effective onboarding of the Marine underwriting platform ensured alignment with existing EM workflows.

This collaboration strengthened the insurer’s catastrophe modelling and risk management capabilities, ensuring regulatory compliance, operational efficiency, and improved decision-making.