Context

As part of the Solvency II regulation specific to insurance, the client must report annually to the ACPR (Prudential Control and Resolution Authority) their situation regarding the outsourcing of critical activities.

The manager of the “Extended Workforce” team, did not have the necessary resources to carry out this study, contacted  us.

In addition to the reporting obligations, the need covered various other aspects:

Deliverables

• We fully assessed the entities included in the process starting from the list of all legal entities and worked with the risk and legal teams and local representatives to map the entire organization in relation to the obligations regarding regulator’s requirements.
• We collected all the necessary data from all the entities of the group, in a collaborative manner, by taking the time to clarify the terms of the group’s outsourcing policy with each entity when necessary as well as by reporting all the local specificities that impact the entities’ outsourcing activities.
• We established a constructive dialogue.
• We prepared the information to report to the regulator.
• We provided the group’s CPOs and COOs, as well as the manager of the ‘Extended Workforce’ team, with a full analysis report on the areas for improvement, in terms of governance, outsourcing strategy and areas for improvement for existing contracts.