Financial services newsletter - Issue 2
Welcome to the second edition of our newsletter, where we cover some of the major developments across the financial services sector throughout the last quarter.
Pre-emptive recovery planning - 2022 Industry benchmarking survey report
Mazars are delighted to publish this comprehensive insight into the approach taken by insurers in relation to their initial pre-emptive recovery plans developed in 2022.
Pre-emptive Recovery Plans are unique to each company and are generally highly sensitive and confidential. At the same time, insurers are keen to benchmark their approach with that of their peers. To facilitate and support insurers in this area, we ran a survey during the summer of 2022 covering a broad range of aspects of the requirements.
Our report provides insight into
- Key areas of challenge and areas for future improvement
- Recovery Plan report style
- Ownership & Governance of Recovery Plans
- Recovery Indicators & Options
- Integration with ORSA & the Risk Management framework
- Scenario Analysis
- Communication Plans.
A sample of our findings:
To what extent have the new regulations been a burden on the undertaking?
Results indicate that (re)insurers have coped well with the new regulations, though a small proportion found them very challenging.
What section of the Recovery Plans proved to be the most challenging for the undertaking?
Scenario Analysis was the area that proved to be most challenging for insurers, followed by Recovery Options.
Two key areas for future improvement/development are:
- Increasing the sophistication of approach to recovery indicators, and
- Communication plans, which contain internal and external aspects.
Download the full report
For assistance in developing your recovery plans, please get in touch.
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Payments and Electronic Money Institutions
For several years, the Central Bank of Ireland has identified the Payments Institutions (PI) and Electronic Money Institutions (EMI) sector as higher risk. Earlier this year, we shared an opinion on the CBI’s stance. Today, we focus on one key area in this sector: Safeguarding.
Streamlining ART offerings & listings applications
This article focuses on the final set of RTS and ITS, which detail the information required for authorisation applications to offer ARTs to the public and for seeking admission to trade ARTs. It also covers the ITS on standard forms, templates, and procedures for application submissions.
Contact
Rob Hamill Partner, Audit & Assurance Dublin
Martina Mahon Partner, Audit & Assurance Dublin
Pre-emptive recovery planning for insurers
Regulations requiring recovery plans for (Re)insurers were published in April 2021. Following a consultation period with industry, a deadline of 31st March 2022 has been set for preparation of plans.
Insurance
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Actuarial
Forvis Mazars actuarial consultants have in-depth knowledge and experience of the challenges and opportunities in the Irish insurance market.