RISCS CWC creates new audit service for captives

RISCS CWC is launching a new service - The RISCS CWC Internal Audit for captives and niche re/insurers.

The company said that it is seeing increasing pressure on regulated entities to have access to Internal Audit resources. It added: “Our consultants possess a deep knowledge of the captive (and niche reinsurer) model and are familiar with insurance regulation so can undertake reviews with minimal time commitment by the insurance management company personnel.”

In a podcast available on the RISCS CWC website, company chairman Malcolm Cutts-Watson said that what they’re seeing is that there's a need for a more robust internal audit process that’s being driven by several processes. These include good governance and the fact that a number of jurisdictions are now requiring insurance entities have access to an internal audit function. Additionally stakeholders are demanding it as part of the ESG agenda as well, increasing demand. However, there are a limited number of people who can provide that service.

Describing what RISCS CWC offers in terms of an audit, Cutts-Watson said: “It can cover all aspects of an entity's operations, that can be an operational audit, it can be a risk audit, it can be a control audit, a compliance audit. That's the great thing about our offering, we can make it bespoke to whatever the board of the insurance entity wants, we're not prescribing what you have to do, we will respond to what the needs are. It can virtually look at any aspect of the operation of the insurance entity.”