Bravenconsulting’s approach to enterprise risk management is highly commercial and business driven. The focus of their work was to ensure that risk was embedded within the organisation. Their approach was practical and covered all aspects of the organisation, from the first line of defence to the escalation process to the board. The resulting framework supported business functions clear ownership of their areas under control making their main accountabilities clear. They helped us to integrate business and risk management in a seamless process where all functions and processes across the organisation work together to support the board manage strategy effectively.

Our experience with Bravenconsulting was different from the outset. Their approach to Internal Audit services was different from the outset and provided us a new view of our control environment and what areas to target aligned to risk and capital. Braven’s view focused on opportunities and described how to improve things in a practical sense. The observations were clear and the proposed actions tangible and workable. The report was balanced and constructive given a clear insight about the robustness of our control environment and how to make work to our advantage.

Our Sarbanes Oxley needs emerge quickly and we needed an effective framework to consolidate SoX assurance in the short term. Braven delivered a level of interaction that made us feel in control of progress, with clear alternatives and choices to fit deliver an operating framework we felt comfortable with. It was simple, clear and engaging and those involved in providing information had a clear understanding about how the framework was helping them prove the adequacy of the control environment as part of the usual running of operations. The output were simple and reporting effective to covey objective messages across the organisation.

Bravenconsulting work with us and helped us understand new approaches that delivered greater value without added effort. The approach was creative and tailored made to our needs. Bravenconsulting created a team specifically addressing our needs integrating and ISO 27001 GAP analysis within the scope of their audit work. The recommendations were clear and provided a simple work path to implement the ISO standard. We obtained a clear message as to what was working well and how to replicate it across the organisation. We achieve an ISO accreditation, the first in the insurance market, within five months of the start of their work. As a result the practices in our entity have been standardised and we have a clear operating framework that can be maintained overtime.

We started our relationship with Bravenconsulting before receiving Managing Agency approval by the Lloyd’s franchise. They helped us set up our enterprise risk management framework which supported our proposition to the New Entrants Assess Group. Since then Bravenconsulting has been our provider of Risk Management services, including the implementation of the SII environment. They worked closely with the Managing Agency to create a flexible framework that could applied to a range of potential turn-key managed syndicates. The success of the framework is that it is actively used as part of the business management of managed syndicates in a way which complements business management and informs decision making through an effective ORSA process and internal model use.

Bravenconsulting approach to Coverholder assurance is providing a new approach to delegated authority management. They suggested utilising a new approach based on SII to understand the weight and contribution of our coverholder portfolio to our overall strategy. This prove highly insightful. Their review exceeded our expectations and gave us really meaningful information about how to interrogate data from our binders better to create a stream of business information to help us maximise their contribution to capital and financial results. Their review also resulted in clear actions to improve the coverholder agreement to transform our relationship in a long term partnership resulting in mutual value for us as carriers and our coverholders.