Global RaG - What's gone well this year? by

kellyspooner — 2023-11-27 11:27:04 UTC

We wanted to take some time to reflect on all the good work we have achieved together to this year. Please take a moment to add your comments

Red October, Cinnamon & US MGA matter: Positive results

2023-11-29 12:43:03 UTC

Two cyber incidents affecting TPAs were concluded this year. Excellent cross functional working between Governance teams (DP, legal, compliance) and Business Units (UK & US). Originally these appeared to be major risk events, with thousands of data subjects potentially impacted, however after a large amount of work resulted in only eight data subject notifications required to be made.

Separately, a US MGA matter (James Allen), a high profile incident attracting media attention, was managed to a successful resolution between US and UK counsel. GJ.

UK Commercial Contracts: Orchestra (Symfos) & Workbench (AdGo)

2023-11-29 12:56:27 UTC

Commercial contracts are the "day job" however two significant projects were completed this year. Workbench, the new underwriting software that will be launched next year and Orchestra a new risk pricing tool. Procurement, DP, IT, UK Legal and external counsel combined to deliver both of these major projects on time. The fact that Governance were approached during the planning and drafting stage (as opposed to much later down the line) meant that we could positively influence the negotiation highlighting & preventing issues that may have occurred later if we had not been involved. In addition, by being completed entirely in-house, Workbench has saved £thousands rather than being outsourced. GJ

Engagement with the Wider Business

2023-12-07 10:49:59 UTC

Reflecting on where we have come from and where we are today, I feel there has been a step change in the way the business perceives and interacts with RaG.

Over time we have moved from banging down a locked door, to nudging through an open door and now, more often than not, we are actually welcomed in.

And I think this also goes across the Teams within RaG where there is much more interaction and collaboration.

Indian Withholding Tax project

2023-12-14 15:26:41 UTC

Governance, Tax and Finance teams worked together successfully to complete Indian tax registrations. This project arose due to changes in Indian tax laws. The change in the law meant the Indian tax authorities could have retained 40% of premiums. The impact of the project was that reinsurance annual premiums valued at approximately $12-$16m can continue to be paid to Canopius by brokers (rather than be withheld). Work was completed under tight timeframes and demonstrated good collaboration across functions. LS

Contract Management System

2023-12-15 09:30:42 UTC

Roll out of WSS Workday has improved controls and oversight with third party suppliers. Good progress has been made with embedding the ways of working between all those involved in the contract review process through collaboration between Procurement and Governance (Legal and Data Protection). We are starting to see this work more effectively within Workday and with the business (AT).

Contract Review Guidance

2023-12-15 09:44:23 UTC

Progressed, developed and finalised contract review guidance, TOBA guidance and templates for various contracting situations. Now using these as a standard for our negotiations and process and continue to evolve these as the processes evolve (AT).