Insurance experts launch new risk & compliance consultancy

Experts from across the insurance industry have joined forces to launch a new risk and compliance consultancy. Implement Compliance Solutions & Resources was founded earlier this year, to help businesses cope with the changing regulatory and client requirements of Brexit-era Britain.

Being compliant with rules on tax, relationships, safety, along with various EU directives, can be a daunting task for businesses. The rules are often not easy to oversee, with risks from non-compliance potentially leading to fines, or in more severe cases, criminal investigations. As governments crackdown on tax evasion, environmental regulation violations and cybersecurity lapses, changes stemming from Brexit, as well as new rules from the EU – mean that both established and new businesses face a host of risks involving potential litigation.

With businesses facing an increasingly confusing web of red-tape, there is an increasing demand for consulting firms to offer advisory services focusing on assisting organisations in transformation brought about by acquisitions and corporate restructurings, changes in law or regulation or interpretation. Implement Compliance Solutions & Resources (ICSR) was launched earlier in 2017, offering a host of compliance focused advisory services to help groups prepare for a host of new Europe-wide directives, including the Insurance Distribution Directive, which involves among many other changes, the introduction of compulsory training for employees of regulated firms who are involved in distribution and the introduction of EU requirements for managing complaints. In the increasingly uncertain landscape of the UK’s Brexit process, the firm aims to provide clients with compliance expertise, and clarification as to how exactly such laws will affect post-membership business in Britain.

ICSR was launched by 20-year insurance industry veteran Kenneth Underhill, who was formerly a Senior Vice President and General Counsel at Chubb European Group for a period of more than eight years. Earlier in his career he worked at Reynolds Porter Chamberlain, where he was a Partner in its Commercial and Regulatory Group. In his role as Director at ICRS he will focus on advisory, consultancy and resourcing strategy for financial services businesses within the UK.

Underhill is joined by John Moffatt, who brings more than 30 years of sector experience to the role. He was most recently the at Senior Compliance Advisor at Atrium Underwriters, and previously worked as the Head of Compliance for the UK and the Rest of World at risk specialists Beazley.

The new firm is focused on various areas of compliance related fields, from governance – such as corporate governance, compliance, legal, risk, audit – to regulatory engagements and interventions – preparing businesses for new consultation papers, thematic reviews, the appointment of a skilled person or other intervention. ICSR will offer services in terms of pure advisory, advisory and implementation, or through internal support mechanism.

Commenting on the launch of ICSR Kenneth Underhill, Director of ICSR said, “Legal and Regulatory requirements within the financial services sector are becoming ever more complex at a time when companies are under increasing pressures impacting their business models and profitability. This is a business for those who seek more than just external advice. It is also for those who want to understand how to implement the advice in a way which matches their control frameworks and business model and may need help doing so. Our business aim is to provide pragmatic advice and support from highly experienced individuals when required at a very competitive price.”