The implementation of Solvency II is leading many (re)insurers to consider how they can best demonstrate the manner in which they satisfy their regulatory requirements in a cost-efficient and compliant manner.
We provide a full range of audit, regulatory, advisory and risk management services to:
For more information on our specialist Insurance Regulatory Compliance services, click here or download our brochure below.
Our team’s experience and skillsets help our clients meet their needs and support them in the successful achievement of their commercial goals.
Through our work with insurance companies and directors, we are familiar with the practical administrative, regulatory and internal control issues in providing audit services in a timely, accurate and professional manner. Our audit, undertaken in accordance with International Standards on Auditing, also takes into account industry best practice. We meet and achieve the standards required to support our audit opinion in a timely and efficient manner through:
Statutory Instrument 312 of 2016 designates the Irish Auditing and Accounting Supervisory Authority (“IAASA”) as the competent authority for the oversight of statutory auditors and audit firms. As 1 of the 8 Public-Interest-Entity auditors registered with IAASA, we are well positioned to provide external audit services where auditor rotation is required.
Solvency II requires that a company appropriately implement key functions including Internal audit. In accordance with CBI guidance regulated insurance entities require at least that the internal audit function:
For a number of (re)insurance entities we provide internal audit services to meet the requirements of the CBI. In performing our work we:
When required we can also provide a designated person to perform the PCF-13 role of Head of Internal Audit as required by the CBI’s Fitness & Probity standards.
European insurance regulators expect firms under their supervision to be able to demonstrate how they have satisfied their regulatory requirements. This puts an onus on firms to understand those requirements, react to them in practical terms by operationalising their systems of governance and to ensure they can evolve as requirements or the environment change. This increased level of regulatory expectation will remain the norm for the foreseeable future. The ability to address these challenges and turn them into business strengths and/or a competitive advantage is key to success in an increasingly regulated marketplace. Demonstrating compliance with regulatory requirements involves a few layers:
We help insurers navigate these challenges by providing regulatory advice on how to address regulatory and compliance issues to meet evolving supervisory expectations in the following areas:
The regulatory focus on having effective and demonstrable risk management frameworks in operation is growing. There remains significant opportunities for (re)insurers and other financial institutions to strengthen their risk management processes and demonstrate compliance to Boards and regulatory stakeholders. We help clients keep on top of emerging changes in regulation and developments in risk management practices across the market, and provide the following services on an outsourced basis:
We deliver specialist Regulatory Authorisation Application Support Services to ensure businesses can enter the Irish and European markets in an efficient and compliant manner.
Our Risk & Regulatory Group, led by former Central Bank of Ireland regulator, Dave Montgomery, provides pragmatic operational support to businesses perusing regulatory authorisation.
By partnering with EisnerAmper Ireland, we guide and support you through your Central Bank of Ireland application process. This results in:
Learn more and request a callback here.
As a Partner in the Firm’s Risk & Regulatory team, Dave advises financial services providers on risk, regulatory and compliance-related matters. David provides pre-inspection assessments, supports clients throughout the regulatory engagement cycle and specialises in the design and implementation of risk and compliance frameworks.
Dave was deputy Head of Risk in the Central Bank of Ireland. During his 12 years with the Central Bank, Dave established inspection teams and methodologies to supervise insurance and reinsurance firms and worked in banking sector regulation developing and implementing the Central Bank of Ireland’s regulatory risk appetite and risk assessment framework (PRISMTM). The PRISM framework was first implemented for the banking and insurance sectors before being rolled out to cover MiFID firms, credit unions and funds service providers. When the framework was adopted by the European Central Bank (“ECB”) for its Single Supervisory Mechanism (“SSM”), David provided input and guidance to the SSM during the development and implementation of their supervisory approach.
Dave was previously the Managing Director of a reinsurance firm providing proportional, non-proportional and facultative property and casualty cover.
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