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How Finalyse can help
Outsourced Function Services for (Re)Insurers
(Re)insurers operate in an increasingly complex landscape with extensive expectations on key control functions of Actuarial, Risk Management, Compliance, and Internal Audit. Maintaining adequate in-house expertise can be challenging and expensive.
With Finalyse’s Outsourced Service Solutions, we provide a tailored partnership that enhances your control functions while ensuring independence, expertise, and regulatory compliance.
How does Finalyse address your challenges?
Fully Outsourced Functions
Suitable for small or mid-sized undertakings without any in-house expertise. Finalyse domain experts assume full responsibility for running the control function.
Outsourced Function Head
Suitable for small or mid-sized undertakings with some in-house expertise. Finalyse provides an experienced head of function to co-ordinate control function activities, providing oversight and direction to the in-house team.
Independent Assurance Solutions
Suitable for large or mid-sized undertakings with comprehensive in-house teams. Finalyse provides an independent head of function, providing assurance to Boards and management teams, adding-value through peer benchmarking, and pragmatic recommendations.
Interim and Emergency Outsourcing
Our consultants quickly fill unexpected absences due to illness or resignation, or provide interim support for planned absences like maternity or career breaks.
Coverage durations vary from weeks to months, enabling orderly transition planning and offering critical crisis management support.
Talent Mentorship & Oversight
Our mentorship services support internal emerging talent as they prepare to transition to senior roles. We assume responsibility of control function obligations, gradually easing to an advisory role as in-house talent assumes greater responsibilities.
Start-up Solutions
We support start-ups by developing control functions and systems of governance from the ground up, allowing management to focus on scaling their business.
Upon reaching critical mass, we facilitate training and passing of ownership to in-house resource.
How does it work in practice?
Articles 269 to 272 of the Solvency II Delegated Regulations (EU 2015/35) outline specific obligations for (re)insurance undertakings in establishing distinct control functions spanning Risk, Compliance, Actuarial and Internal Audit. National supervisors have supplemented the EU regulations with additional local requirements applicable in certain jurisdictions.
Our solutions accommodate full or partial outsourcing of Risk, Compliance or Actuarial Functions, while our co-sourced solutions support Internal Audit by bringing additional expertise to the third-line of defence.
Critically, our solutions are designed to adhere to Article 273, Fitness and Probity Requirements. Our self-assessment, which supplements the firm’s own assessment, shall consider the qualifications, skills, knowledge, and professional experience of our team members in the context of the proposed outsourced role(s).
(Re)Insurers are obliged to develop systems of governance compliant with Article 274, Outsourcing, if significant functions are wholly or partially outsourced. Through our experience, we assist insurers in developing such outsourcing monitoring and control systems.
- Outsourcing agreements are tailored to comply with the firm’s own Outsourcing Policy and are subject to a full compliance assessment against local and EU regulations.
- Extensive conflict of interest assessments are conducted prior to entering an engagement.
- Outsourcing agreements are subject to clearly defined scope and statement of responsibility mapping.
- Customised suites of Key Performance Indicators (‘KPIs’), and Service Level Agreements (‘SLAs’) are drawn up in conjunction with the insurer, with pre-defined measurement and monitoring criteria.
- Adequate contingency planning solutions are designed prior to commencing any outsourcing activity.
Key Features
- Specialised Expertise: Our team comprises seasoned actuaries, risk management professionals, and regulatory compliance specialists, with deep industry knowledge.
- Customised Solutions: We tailor our outsourcing services to meet your organisation's specific needs and challenges.
- Regulatory Alignment: Our services ensure that your control functions are in line with evolving regulatory requirements, both at local and European level.
- Enhanced Governance: By integrating our expertise, your organisation benefits from strengthened governance and risk management frameworks, ensuring best-in-class outsourcing oversight.
Partner with Finalyse to bolster your control function capabilities, ensuring resilience and compliance in a dynamic and value-enhancing manner.
Gary is a Principal Consultant within our insurance practice in Dublin. He has 16 years of experience within the life and non-life (re)insurance sectors covering industry, audit and consultancy roles. His expertise covers financial reporting, prudential and conduct risk management, and assurance activities. Gary has provided outsourced actuarial, risk, compliance, and internal audit function services for a wider range of insurers, reinsurers and captives.
Francis is a Principal Consultant in charge of our insurance practice in Dublin. He has 15 years of experience within the life and non-life (re)insurance industry. His expertise covers the areas of financial reporting, prudential regulation, and actuarial modelling. Francis has worked in both industry and consulting with extensive exposure to Solvency II and BMA-regulated clients and a keen eye on new regulatory developments.
Frans is an actuary and Financial Risk Manager with international experience in the pensions and insurance sectors. He has been specialising in actuarial valuations (AXIS), financial and regulatory reporting (IAS19, US GAAP, IFRS2, IFRS17), regulatory reporting (IORP II, Solvency II, ICS, BMA), market risk management (ALM, SAA), climate change risk management and investment consulting.