SCENARIO:
A leading UK and multinational insurer was required by the FCA to appoint a skilled person to consider whether the governance arrangements in place at group and subsidiary levels were effective, and that recent changes made to the governance framework were embedded.
Huntswood was selected from five potential suppliers to undertake the work. The review comprised 27 workstreams and is, to-date, the only governance review commissioned by the FCA.
Over the course of two months, we undertook an extensive review of documentation; and subsequently created a scenario-based case study tool designed to test board and senior leadership decision making, appropriate challenge and information flow.
Throughout the engagement, we interviewed our client’s entire board and senior leadership team while continually updating the FCA on progress. This collaborative approach supported in the development of a cooperative, ‘no surprises’ relationship between our client and the FCA.
This unique and high-profile engagement was completed utilising a team of general insurance, conduct risk and governance experts, combining our operational and regulatory expertise. As a skilled person we were able to sign off all improvements, giving both our client and the FCA the level of assurance required.
