The introduction of Solvency 2 puts a considerable strain on the overheads for the smaller insurers operating in EU. By outsourcing the Risk Management Function, insurers that find it too onerous to maintain an in-house team, can meet their regulatory requirements at a lower cost and at the same time receive ongoing advisory support.
We offer a wide range of risk management services aiming for the establishment and maintenance of an efficient and effective risk management system. The span of our services covers the set-up of the insurance Company’s risk appetite framework, tolerance limits, risk strategy and risk governance. Moreover, we assist Companies in the set-up of risk identification mechanisms as well as in the measurement, management and monitoring of risks. We develop risk related policies and procedures and support our clients in the development of a sound risk reporting framework. Through a set of targeted actions we help Companies embed a risk culture across the organization.
We help our clients meet their regulatory requirements through the calculation of the Solvency and Minimum capital requirements (SCR, MCR) and the performance of the Own Risk and Solvency Assessment (ORSA) process. Our team will share insights from the SCR/MCR calculation and ORSA process so that this will not be just a regulatory exercise.
Insurance administration and valuation systems We work with our clients in the design of insurance administration and valuation systems that support business units in their day-to-day operations as well as actuarial valuations. Moreover, we can provide an independent validation of your existing models, highlighting any problematic areas and recommending appropriate solutions. We can also assist client in vendor selection.
Investment administration systems We work with our clients in the design of wealth and fund management systems that support their specific business units in their day-to-day operations.
Investment Benchmarking => We can construct appropriate benchmarks for monitoring and assessing the performance of your investment portfolios, identifying areas of inefficient investment strategies within the company and allowing for a selection of Asset Managers with the best Risk-Reward result for your organization.
Asset Allocation, ALM & Balance Sheet Optimization => Using sophisticated data analysis methods we create models proposing how to optimise the allocation of your assets. Furthermore, we analyse your financial reports in order to propose strategies to meet regulatory requirements.
Assessment and re-design of the insurance products portfolio to improve profitability and meet customer needs.
Assist with the establishment of a sound reporting framework to enable better decision making through the receipt of accurate information in a timely manner.
Simplification and automation of processes to increase efficiency, reduce errors, execution time and costs.
Data excellence => Data is the backbone of every analysis, valuation, results and decision making. Consequently, data can be the main driver behind your organization’s success or failure. We ensure our clients maintain accurate, complete and appropriate data through the establishment of proper governance, processes and controls to ascertain data quality. On demand, we carry out a data cleansing exercise.
We can be your ally in the audits of actuarial valuations (either under IFRS and/or Solvency II), employee benefit schemes (under IAS 19), embedded values, liability adequacy tests, Solvency and Financial Conditions report. Moreover, we can provide support in the internal audits of the actuarial function and of the risk management function. The main areas covered by the internal audit are the data quality assessment process, the actuarial valuation and other processes, data, actuarial and risk governance, the risk management system’s processes, risk policies, the actuarial and risk reporting frameworks.
Tailored Research to combat the problem at hand, using the best of actuarial and quant methods utilizing expertise and experience from both fields.
Whether you want to set-up an Alternative Investment Fund (AIF), an AIF-Manager, or a MiFID/Cyprus Investment Firm (CIF) we can help you achieve your goals.
Set up of Regulated Companies
We can assist with the coordination of all work related to the setting up (or relocation) of Alternative Investment Funds (AIF), AIF Managers, and Investment Firms, in a way to minimise costs and unnecessary delays. We can act as promoters to your application, we can assist you by responding on your behalf during the CySEC’s evaluation meetings, we can prepare all the documents required by the Law for your application package, including manuals, checklists, business plans and questionnaires. Our work on the set up ends with an approved regulated entity.
Outsourcing of Compliance and Risk Management Functions
By outsourcing the Compliance and Risk Management Functions, Investment Firms and Fund Managers that find it too onerous to maintain an in-house team, can reduce their costs and at the same time get expert professional service.
Regulatory Reporting
We can assist with all compliance related reporting to the regulators as required by the various Cyprus and EU laws and directives, including the MiFID Directive and AIFM Directive.
Markos has a first class honours degree in Actuarial Science from The London School of Economics (LSE), an MSC with distinction from Cass Business School (City University) and is a Fellow of the Institute of Actuaries UK since 2008. He has worked for 10 years with various Insurance companies from senior positions, such as Chief Operation Officer, Actuary, Risk Manager and Life Manager.
