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Risk Management Framework Operationalisation

 

RESULTS

Robust RMF Established

Timely ORSA Submission

Streamlined Risk Processes

Stakeholder Alignment Achieved

Project Background

A leading Lloyd’s insurer engaged Brighter Consultancy to support the establishment and operationalisation of the Risk Management Framework (RMF) for its newly formed Syndicate. This initiative was critical to ensuring regulatory compliance, effective risk governance, and alignment with Lloyd’s and industry standards.

Scope of Work

• Develop and implement a comprehensive Risk Management Framework.

 

• Secure necessary approvals from the CRO, management, and board.

Key Deliverables

1. Framework Development & Planning
• Scoped and timetabled RMF activities.
• Facilitated approval processes with senior stakeholders.


2. Operationalisation of RMF
• Conducted internal and external stakeholder meetings
• Managed execution of risk activities and reporting cycles.


3. Regulatory Reporting
• Authored and submitted the inaugural ORSA report.
• Prepared risk management papers for Talbot’s Risk and Compliance Committee.


4. System Integration & Process Review
• Supported migration to the Group GRC system.
• Reviewed and recommended improvements to existing risk processes.

• Deliver the inaugural Own Risk and Solvency Assessment (ORSA) report.

 

• Support integration with the Group GRC system and streamline existing risk processes.

 

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Outcomes 

  • Established a robust RMF.
  • Enhanced regulatory readiness through timely ORSA submission.
  • Improved risk governance via streamlined processes and system integration.
  • Strengthened stakeholder alignment across internal and external parties.