Managed Services

In a challenging commercial environment and increasing pressure on profitability, financial services operations need to rethink on how to best to manage enterprise risk.

Managing enterprise risk for financial services businesses of any size is a significant challenge.

Smaller Businesses:
Expanding operations can put limited risk management resources under pressure and finding the right talent with a limited budget can be a challenge.

Larger Businesses:
Even with well-established risk infrastructure, there will be periods where additional risk management resource is needed to complete specific projects ( for example Mergers and Acquisition, Divestment, Growth or staff shortages.)

Premiofin provides a complete on-demand risk management service to manage periods of high workload for our clients, particularly when timescales are short.

We also act as a fully outsourced risk management department for clients, who would prefer not to build their own in-house capability. Our clients enjoy no only access to a team of talented experts but also, the most up to date technology (AI, Machine Learning) and only pay for what they need. Our unique solution gives a complete solution for Emerging (Horizon) Risks.

We can offer completely objective and best practice risk management advice as we do not transact or arrange insurance.

Our team has broad expertise and can effectively advise on solutions to risk management problems.

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ORSA, ICAAP and ILAAP Solutions

ORSA

For US Insurers, we provide expert solutions facing a new regulatory stress test from the Risk Management and Own Risk and Solvency Assessment Model Act (ORSA).

National Association of Insurance Commissioners (NAIC) have adopted the ORSA for US insurance companies in order to demonstrate effective internal risk management processes to maintain financial solvency. The new regulations are based on the European Union’s Solvency II directive.

We provide practical ORSA implementation advice and consultancy to US insurers.
We have developed this service as a result of our practical experience of delivering full Solvency II compliance for a major European insurer. Lloyds of London and the PRA then approved the resulting ORSA.

Premiofin’s ORSA proposal is designed in four components, which can be bought individually or as a complete solution:

Gap Analysis Component: Preparation of a gap analysis between what the insurer currently does and the ORSA requirements, including policies, internal operating framework, embedding of the risk process, and evidence of governance and processes.

Implementation Planning Component: Defining the work required to meet ORSA requirements and preparing detailed implementation plans based on Prince 2 methodology.

Design Component: Designing the framework and controls for the implementation project.

Operational Management Component: Training, risk culture, operational management, risk, compliance and internal audit in post-implementation.

ICAAP and ILAAP

We provide practice ICAAP and ILAAP implementation advice to banks and asset managers.

Our service proposal is very similar to our ORSA proposal.
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