Strategic Risk Solution’s head of governance Mary McMorrow discusses the firm’s specialised captive governance services offering
Set against a backdrop of new, emerging risks and increasing regulatory scrutiny, it has become more important than ever that companies adopt an approach that places governance at the heart of positive captive ownership. As the world’s leading independent captive consultant and manager, SRS has worked hard to respond to those demands by offering a tailored approach to governance risk and compliance (GRC) services that supports clients in implementing the robust governance framework now essential.
While headquartered in the US, Strategic Risk Solutions (SRS) expanded into Europe in 2017, establishing its European headquarters in Ireland (SRS Europe), followed by the acquisition of a regulated insurance management company in Malta.
As with their highly regarded US network, SRS Europe has deliberately focused on the provision of the highest standard of client services, both domestically and across Europe, recently announcing branch establishments in Ireland, Luxembourg, The Netherlands, Sweden and Switzerland.
As Mary McMorrow, SRS Europe’s head of governance explains: “We have set a conscious strategy to operate a lean and agile business model and become the premier level firm across Europe.”
McMorrow said that this strategy is differentiated by SRS’s captive management plus servicing approach, comprising three core service components:
She explained: “We believe in consulting with clients to help them develop GRC best practices on an individual basis that will serve as a platform to build their companies and offer assurance to clients that they not only fully comply with the regulations, but effectively and efficiently improve the oversight and governance of their insurance organisations.”
“We understand the importance of good corporate governance but are also mindful of the challenges faced by clients in meeting their regulatory requirements.”
“In addition to the Solvency II regulations, captives must adhere to the corporate governance codes, laws and other regulatory requirements of their respective domiciles.”
As McMorrow continues: “While recognising the need for proportionality in their application to captives, these regulations as they apply to commercial insurers can act as a source of best practices to captives in their own corporate governance.”
She noted that there are numerous benefits in establishing a robust corporate governance framework that is proportionate to the activities of captives, which include:
SRS offers a comprehensive suite of bespoke GRC services to the captive and general insurance markets, including:
Development of an effective risk management system:
Act as compliance function/provide compliance support:
Identify and assess compliance risk and develop a suitable compliance plan, monitor and report on compliance performance
Act as appointed internal audit function:
Independent governance review:
Board effectiveness guidance:
David Lewis, managing director of SRS Europe agrees: “Our view is that governance and compliance is not only essential but can really help captive owners drive the best value from their captive strategy. At a time when parent boards are scrutinising return on investment, we feel that the SRS approach is ideal to help risk managers not only justify the value of their captive internally but help place that vehicle at the very heart of group strategy. Our captive management plus approach, together with our unique strategic advisory capabilities, presents us with the ideal foundation from which to really support our client’s strategic objectives.”
“Now that SRS has established a firm base in Europe, it’s our intention to bring a new dimension to the way that clients utilise, and manage, their captive vehicles. With the platform offered by McMorrow and her team in delivering a genuinely different approach to governance, we are confident that captive owners across Europe will appreciate having a new choice for their captive services and we look forward to being of service.”
