Control framework breakfast group agenda
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Control Framework. Control Framework Breakfast Group AGENDA. 09.30 Arrival , breakfast & Networking 10:00 Round-up  of 2012 & General project update 10:15 Singapore Shared Services Update

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Control Framework Breakfast Group AGENDA

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Control framework breakfast group agenda

Control Framework

Control Framework Breakfast GroupAGENDA

  • 09.30Arrival, breakfast & Networking

  • 10:00 Round-up of 2012 & General project update

  • 10:15 Singapore Shared Services Update

  • 10:45 "Risk decision taking: are decisions more instinct than informed judgement“

  • 11:20 Q & A Session

  • 11:30Close


Control framework breakfast group

Control Framework

Control Framework Breakfast Group

Project Update


2012 market achievements

Control Framework

2012 Market Achievements

  • Obtained senior management buy-in

  • Created project teams

  • Retained the element of “calm” in terms of the message

  • Excellent Market engagement & cross collaboration


Survey feedback

Control Framework

Survey Feedback

Do we continue with this group?

  • 94.1% - Yes

    Preferred method of Phase II engagement?

  • 27.80% - Lloyd's project team to engage brokers

  • 0.00% - MAs to communicate directly with brokers

  • 66.70% - Combination of both of the above

  • 55.60% - Invite Brokers to this forum


Survey feedback1

Control Framework

Survey Feedback

Suggested Topics for 2013

  • Contract certainty requirements for service companies vs. open market business

  • Concentrate more on third party Coverholders

  • Guidance to the board prior to sign off - approach to Coverholders

  • Strategy used to ensure compliance

  • Case Studies Phase 2 rollout and implementation

  • The road to sign off by June 2013 for Phase 1

  • Issues being identified by MAs that appear common and early info on the next two phases

  • Plans for the next 6-9 months


Survey feedback2

Control Framework

Survey Feedback

Suggested Guest Speakers for 2013

  • Lloyd's brokers that produce business direct to service companies

  • Fiscal Reps and get their view of the Control Framework

  • Peter Montanaro

  • Xchanging

  • More Managing Agents

  • External Coverholders - a brokers perspective on the whole subject


Survey feedback3

Control Framework

Survey Feedback

Specific recommendations for Phase 2

  • Contract certainty standards emphasised

  • In line with the Coverholder reporting standards

  • Responsibilities distributed early to avoid confusion

  • Involve the DUM/DUC/BOLT meetings

  • Same as Phase 1 – “soft” approach

  • A user guide is useful as per Phase 1 + other means of building technical understanding

  • Share approaches more proactively

  • As per phase 1, clear communication of what is required

  • Communication, in the first instance, comes from Lloyd's

  • This group is a good place for the “working party” to report back to those not directly engaged in it


Survey feedback4

Control Framework

Survey Feedback

Additional comments…

  • Engage with internal audit at an early stage

  • Lloyds must take the lead approaching the brokers - single and coherent message

  • Earlier start time for this group – finish by 10am?

  • Will there be a Green Book for Phase 2?


Trrp summary plan 2013 beyond

Control Framework

TRRP Summary Plan - 2013 & Beyond …

2013

2014

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

LIRP

Old DR system decommissioned……

Data Standards

Control

Framework

PHASE I

MA’s

Develop &

Implement

controls

Test & Prep

for

sign-off

JUNE 2013

Data Standards

Control

Framework

PHASE II

Market Engagement

Raise market awareness

Test with “friendly” MA’s & Brokers

Commence roll-out until Dec 2014

DEC 2014

Direct Reporting

Robust Solution

External U.A.T

Implement with

interested

Market MA’s

LIVE

APR 2013

PILOT

Singapore

Shared

Service

Develop and Test.

On-going Implementation to Service Companies

LIVE

JUL 2013

UAT System ready


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