Chiltington International– Insurance & Reinsurance Consultants

Risk and Control Consulting

The ability to manage properly and effectively any area of a company's operation requires an objective evaluation of its risks, strengths, and weaknesses. In any business, but particularly reinsurance, there is the risk that the effects of past transactions may be unrecognized, leading to future loss and the need for control to prevent unnecessary future exposure.
In an ever-changing environment where new practices are constantly being introduced, where staff turnover can result in a loss of historical knowledge, it is easy to lose sight of the need to ensure that every area of a company's operation is performed efficiently with adequate controls that enable management to monitor performance and take measures to address any deficiencies. This can be particularly relevant where there is new management in place, where senior management is based in a different location, or where reinsurance is not part of the core activity. Chiltington has many years of experience in dealing with insurance and reinsurance organizations and is well-placed to assist management in ensuring that any area of a company's activities is performed effectively and within proper guidelines.
The goal is to:

Identify and control historical situations which may lead to future loss if left undetected; and Create an environment that is properly managed and sufficiently adaptable to change so that new procedures can be introduced with the minimum of disruption.

Chiltington is sufficiently flexible to adapt our work product to suit the needs of our individual clients. In broad terms, however, we are able to provide clients with the following:

A detailed analysis of current systems, controls, and workflow within a specified department or section, the objective being to identify the main areas of risk and control measures which currently exist.

An analysis of an operation or part thereof to compare reported results to those expected based on the underlying business. An evaluation of those activities based on the factual analysis, identifying, where appropriate, the current strengths and weaknesses within the existing environment.

A recommended strategy for management to build on these strengths and to address areas of weakness, including, where required, a strategic plan to implement control procedures or to monitor performance.

Our approach to such assignments is to analyze an operation by business area, e.g. underwriting, claims, credit control, and reinsurance protection. For the segments selected by our client we work in phases, coordinating the parameters of our work and budget with you in advance.