Risk Reporting Framework for Global Insurance Organisation
Global Insurance Organisation
Our client had established a Group Oversight Risk Committee (GORC) with a mixed membership of Executive and non-Executive Directors to provide an oversight over the Group’s risks. They engaged us to assist with defining and implementing the risk reporting and escalation process at Group level.
How we helped
We conducted a risk workshop with the Group Directors which aided in the design of a reporting framework suitable for the GORC.
We then undertook reviews of the existing risk management and reporting frameworks in each Business Unit (BU) to ensure that management information from the BUs could be analysed and aggregated into the key risk information presented to the GORC.
We prepared and implemented a revised Escalation Policy and Process which described, in detail, various scenarios that could give rise to a notifiable risk events, and the procedures to be followed when escalating the event.
With the reporting policies, procedures and tools defined, we worked with the Group Risk Function to implement these in the business. The first risk report was completed based on the new methodology in time for the first GORC meeting. We were also available to assist in the first risk escalation and action plan following a notifiable risk event.
By making sure we engaged at both Group and BU levels, we helped increase the transparency between the Group and BUs. This also assisted in ensuring the relevant and useful information was being captured and reported.
The BUs also directly benefited by engaging with each other and aligning their risk processes to provide a more consistent and collaborative approach to management and reporting of risks across the Group.