Corporate Responsibilities

Helping Your Firm to Review its Governance

The FCA considers poor governance in a business as an indicator of significant problems and has identified the following as key characteristics of failed firms:

  • A dysfunctional board
  • A domineering CEO
  • Key posts held by individuals without the required technical competence
  • Inadequate ‘four-eyes’ oversight of risk
  • An inadequate understanding of the aggregation of risk

Our Corporate Responsibilities Service will help your firm to review its governance arrangements and identify and address any weaknesses in board structure and performance or business systems and controls. It can also provide robust and effective risk identification and management systems and help plug skills and competence gaps in key staff.

To discuss how our Corporate Responsibilities Service can help your business please call us on 01892 539600 or email enquiries to us at: enquiries(at)insurancecompliance.co.uk

Download our corporate responsibilities brochure

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How ICS Can Help With Corporate Responsibilities

Corporate governance is necessary for a business to operate effectively and for its leaders to make decisions based upon sound information.  In a well-run business, roles and responsibilities are clear, decision-making and accountability is transparent and oversight robust.

The ICS Corporate Responsibilities Service will help to:

  • Clearly set out responsibilities and reporting structures from the Board down
  • Set up effective systems of delegation and accountability
  • Introduce robust oversight and scrutiny

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Effective systems and controls are essential to implement the strategy and goals set by those who direct and control the business. Crucially, they also provide the infrastructure on which the Board relies to ensure the business operates ethically and in line with legal and regulatory requirements.

Setting up systems and controls is far more than merely drawing up written procedures. The process should involve proper communication and training; it should be underpinned by a programme of monitoring so that efficacy can be rigorously assessed and there should be reliable, up to date and relevant MI which can be regularly reviewed at the right levels.

ICS has extensive experience in this area and we have brought this knowledge and understanding to our Corporate Responsibilities Service. We’ll assist in reviewing systems, identifying any gaps, recommending developments where necessary and, importantly, helping to introduce safeguards so the business can be confident its controls perform as expected.

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Robust risk management arrangements will both protect a business and, when appropriate, allow calculated risks to be taken to maximise business opportunities.

Failure to identify and manage risks has brought about the demise of many a business and, while not all risks can be avoided, the majority can at least be mitigated.

Our Corporate Responsibilities Service will enable firms to understand what risks to their business look like, where these may come from and how they can be addressed.

In addition, our unique risk identification software allows you to dig below the surface and really understand the risks and challenges your business faces from the perspective of those who actually implement your systems and procedures on a day to day basis. In our experience this process often provides an eye-opening look at how well your controls actually work in practice.

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All too often directors and non-executive directors step into their roles without any support to help develop the necessary skills and abilities and with little or no formal training in the responsibilities and requirements which apply.

For a director or non-executive director of a regulated firm, such responsibilities and requirements are more onerous as they also include those of an FCA Approved Person.

Our Corporate Responsibilities Service is designed expressly for senior executives. It reflects the position such individuals have achieved by providing training and development appropriate to their individual role and responsibilities, as well as their wider duties as an effective board member and an Approved Person.

The service supports decision-makers to perform to their maximum potential by providing a solid foundation of knowledge on which to build necessary business skills including effective delegation, change management and leadership.

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How Can We Help?

We offer up to two initial consultations without charge, to determine the exact nature of your challenges/concerns. If you would like to try out some of our services before committing we can offer a demo of our Compliance Portal, samples of our Hot TopICS or attendance at one of our Webinars. Thereafter we will agree which of our services are most likely to help you most with your regulatory requirements, agree a package of support (or a one-off project) and submit a proposal for review. Before, of after, you decide to go ahead, we will introduce you to the Consultant(s) who will agree a diary of contact at times to suit you both.

Please call us on 01892 539600, email us at enquiries(at)insurancecompliance.co.uk, or send us a message using the form for more information or to make an enquiry about any of our compliance services.

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We highly value the regular updates which explain the actions we need to take. These help us anticipate and accommodate regulatory changes and maintain compliance. Insurance Business Owner
We particularly appreciate our dedicated compliance consultant’s visits. He is a key part of our team and helps us feel confident. Insurance Business Owner
We have faith that you will always deliver a high standard of service. Insurance Business Owner
You are always ready to help. Our dedicated consultant gives us tailored advice at our quarterly reviews and the telephone helpline is always available whenever we need a little extra support. Insurance Business Owner
Your 'full service' package gives us unrivalled peace of mind. From the comprehensive compliance manual to the Hot TopICS regulatory updates, you ensure that we are well-informed and able to implement the actions needed to maintain compliance. Insurance Business Owner
Thanks to their regular visits, our compliance consultant is now, in effect, part of our operational team. We are able to contact them at any time, not just when they visit regularly, and they understand not only the questions we ask but what is prompting us to ask them! Insurance Business Owner GSIS Ltd
We have never been more comfortable with our regulatory status / situation based on the support and guidance we receive from you guys. Jeff Rush Chief Executive, Rush Insurance Services Ltd
Earlier this week I was sent details of what would be required for a Network audit at the end of the month. The amount of documents, policies, procedures and registers required for this were terrifying and would previously have taken me 2 weeks of solid work to pull together, whilst still trying to run the business and look after clients. Because of the work Casey had already done for us though, in only 2 visits, literally everything needed was readily available, up to date and perfect. Can’t thank her enough and wouldn’t hesitate to recommend her to anyone else. Insurance Business Owner
ICS has been invaluable to us and we will continue to use them as our external compliance arm as they are a dedicated professional team with unparalleled expertise in the industry. Insurance Business Owner
Since working with ICS we have complete peace of mind regarding all of our compliance needs. We have worked with others in the past who have not understood our business or our needs. ICS’s service has been exceptional, not only with our regular day to day requirements, but also when we have called on them for support and advice for bespoke projects; indeed they attended an urgent meeting with a moment’s notice. Insurance Business Owner
We have used ICS for 10 years. We are extremely satisfied with the service they provide and with their specialist knowledge and advice on the rules and regulations. Nothing is too much trouble. Help from the friendly team with the RMAR/Gabriel is greatly appreciated. We would not hesitate to recommend them. Insurance Business Owner
We have built up a good relationship with our Consultant, who is key to the service ICS provides to us. We find the way he coaches us and understands our mentality helps with the compliance piece – and we are never lectured. Insurance Business Owner
We are very pleased to have been a business partner of ICS for 5 years. This relationship works very well giving us the right balance of internal control and external, up to date advice. The service provided by our relationship manager, Rob Cawthorne, has been professional and beneficial. Rob has also been our main contact for some time now providing stability and continuity. Insurance Business Owner
Really pleased to finally meet up today and get so much done. I feel a lot better knowing what is expected of me as a business owner. Much of the Product Governance and Pricing initiatives are core to my business anyway and I have no trouble with what is in store Insurance Business Owner
ICS worked with Specialist Risk Group on a major project from August 2021 to January 2022. As a company that prides itself on its specialist knowledge we were impressed by the way that ICS understood our business. They managed the entire project efficiently, keeping us updated at each stage of the process. Our dedicated consultant, Tony Darwall, was very experienced and built a good rapport with our staff. The deliverables from the project were of a high quality and we look forward to working with ICS again in the future. Clare Lebecq Group Chief Operating Officer, Specialist Risk Group