{"id":242,"date":"2023-07-03T14:54:04","date_gmt":"2023-07-03T14:54:04","guid":{"rendered":"https:\/\/ermf.co.uk\/?page_id=242"},"modified":"2023-07-03T23:55:35","modified_gmt":"2023-07-03T23:55:35","slug":"bermuda-framework-build","status":"publish","type":"page","link":"https:\/\/ermf.co.uk\/index.php\/bermuda-framework-build\/","title":{"rendered":"Bermuda Framework Build"},"content":{"rendered":"\n<p>We were engaged by a large insurance company seeking to establish a re-insurance business in Bermuda so they could free up circa \u00a3100m in the UK to expand into North America.&nbsp; We were asked to help them to develop a governance structure (including policies) and risk framework that would meet the requirements of the BMA (Bermuda Monetary Authority) Insurance Code of Conduct.&nbsp;<\/p>\n\n\n\n<p>Within a six-month timeframe, we successfully accomplished the following:<\/p>\n\n\n\n<ul>\n<li>Design and built a tailored Risk Framework to meet the specific demands of the BMA Insurance Code of Conduct focusing on ESG, Conduct and Climate Change risk<\/li>\n\n\n\n<li>Established Risk Committee Terms of Reference and reporting structure<\/li>\n\n\n\n<li>Formulated Risk Appetites<\/li>\n\n\n\n<li>Drafted a suite of policies for Board approval<\/li>\n\n\n\n<li>Created draft risk registers for each area of the new business<\/li>\n\n\n\n<li>Developed a comprehensive matrix of controls necessary for \u201cGo live\u201d, \u201cDay 0\u201d, \u201cDay 1\u201d and within 18 months of Go-live<\/li>\n\n\n\n<li>Ensure data privacy controls implemented to meet requirements of GDPR and PIPA (Personal Information Protection Act)<\/li>\n<\/ul>\n\n\n\n<p>The project encountered two significant challenges, firstly, it was crucial to make all decisions locally in Bermuda and retain evidence for tax purposes.&nbsp; Secondly, while the c-suite had been recruited, there were no staff members nor had any partners been finalised, this necessitated us acting as 2<sup>nd<\/sup> Line and 1<sup>st<\/sup> Line during these early stages.<\/p>\n\n\n\n<p>Working closely with the Chief Operating Officer and Interim Chief Risk Officer we successfully designed and implemented a comprehensive Risk Management Framework.&nbsp; We also prepared drafts of the 11 policies need required for the BMA license application.&nbsp;&nbsp; Additionally, we documented 1,500 controls that needed to be implemented prior to \u201cGo live\u201d, \u201cDay 0\u201d, \u201cDay 1\u201d and within 18 months of operations.<\/p>\n\n\n\n<p>Contact us if you are looking to set up a new business in another jurisdiction outside the UK and need a Governance and Risk Framework for the new entity. <\/p>\n\n\n\n<p>If you require a Governance and Risk Framework for a new business in a jurisdiction outside the UK and aim to meet the standards set by international regulators, we can assist you in building a comprehensive corporate governance framework and risk framework.  <a href=\"https:\/\/ermf.co.uk\/index.php\/contact\/\" target=\"_blank\" rel=\"noreferrer noopener\">Contact<\/a> us to explore how we can support your needs and ensure compliance with regulatory requirements in your desired jurisdiction.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"721\" data-id=\"243\"  src=\"https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-brandon-morrison-8017046-1024x721.jpg\" alt=\"\" class=\"wp-image-243\" srcset=\"https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-brandon-morrison-8017046-1024x721.jpg 1024w, https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-brandon-morrison-8017046-300x211.jpg 300w, https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-brandon-morrison-8017046-768x541.jpg 768w, https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-brandon-morrison-8017046-1536x1081.jpg 1536w, https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-brandon-morrison-8017046-2048x1441.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/figure>\n","protected":false},"excerpt":{"rendered":"<p>We were engaged by a large insurance company seeking to establish a re-insurance business in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/242"}],"collection":[{"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=242"}],"version-history":[{"count":2,"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/242\/revisions"}],"predecessor-version":[{"id":261,"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/242\/revisions\/261"}],"wp:attachment":[{"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}