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A General Insurer’s experience of an FSA Compliance Audit Insurance Institute of London

A General Insurer’s experience of an FSA Compliance Audit Insurance Institute of London 12th January 2004. Simon Jenvey Prudential Compliance Manager Zurich Financial Services - UK General Business. Content. FSA Regulation - The Story So Far Visit Purpose Visit timetable

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A General Insurer’s experience of an FSA Compliance Audit Insurance Institute of London

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  1. A General Insurer’s experience of an FSA Compliance Audit Insurance Institute of London 12th January 2004 Simon Jenvey Prudential Compliance Manager Zurich Financial Services - UK General Business

  2. Content • FSA Regulation - The Story So Far • Visit Purpose • Visit timetable • Documentation Packs • Insider information • Hot topics • Take away points

  3. The FSA’s Objectives & the Principles of Good Regulation Most efficient and economic use of resources Maintaining the UK’s international competitive position maintain confidence in the UK financial system secure the appropriate degree of protection for consumers Being proportionate promote public understanding of the financial system Competition reduce the scope for financial crime Responsibility of firms’ own management Facilitating innovation

  4. FSA regulation - the story so far 2001 2002 2003 2004 2005 2006 The Interim Prudential Regime N2 31 Dec 2001 FSA ARROW Visit Oct 2002 FSA Risk Mitigation Plans The Integrated Prudential Regime Project Mainwaring Implementing the Integrated Prudential Regime General Insurance Conduct of Business Regulation

  5. Visit Purpose • ARROW • Risk Mitigation Plan • Thematic/Project • Discovery/Familiarisation • Consultative

  6. Visit Timetable • FSA Visit Request • Senior Management Briefing • Mock Interviews • Mock Interview Feedback • FSA arrive

  7. Organisation Charts Financial Reports Committee Details Material Intra-group transactions IT strategy Key Risk/Control Indicators Quarterly Financial Report Pack Product distribution details Market Share information Financial projections and capital planning Key financial indicators by business unit Product/geographical diversification Top 5 business unit risks Top 20 Customer relationships Non-life Reinsurance ceded Investments Outsourcing Delegated Authorities Documentation Packs

  8. Insider Information • Know your supervisor • The Risk Assessment Approach • Updates from Compliance • Lessons from consultants and peer groups • Co-ordinate contact with the FSA

  9. FSA Hot Topics • Control/Risk Process - including escalation/timely resolution • Governance structures/processes. • Management information - recipients/actions • Documentation - “if not, does not exist”

  10. Take Away Points • Understand the purpose of the visit • Know your supervisor • Documentation Packs • Provide support for interviewees • Anticipate themes • See the visit as an opportunity

  11. An Insurer’s experience of an FSA Compliance Audit Insurance Institute of London 12th January 2004 Simon Jenvey Prudential Compliance Manager Zurich Financial Services - UK General Business

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