Understanding fraud and the associated risks is fundamental when seeking to build a robust and deliverable business strategy. Improving the performance of your business through a corporate-wide application of a risk management strategy is the essence of good corporate governance.

The risk management process very much includes Insurance as a balance sheet protection tool of last resort. Unfortunately, all too many treat an insurance policy as a front line of defence against fraud and associated risks. This is a false economy.

A robust risk management strategy, as part of good corporate governance, ensures prudence and a disciplined ‘housekeeping’ regime. This will mitigate risk, potential financial loss and, as a byproduct, can result in considerable savings in premium on the insurance spend or can enable a more serious insurance programme to be purchased for a similar spend.

This is where we can assist. We are able to conduct simple reviews of existing insurance programmes through to bespoke risk reviews of any institution and/or of any operation within any institution. We can identify risk; poor controls, bad practice etc and offer our recommendations to resolve risk issues.
We work closely with management to resolve issues and provide solutions.

We are offering three levels of service as follows:







Insurance Reviews
As a specialist insurance broker in the financial and professional insurance market, EHIS is experienced in the structure and placement of insurance programmes in the global insurance market and in advising clients of placement and coverage issues.

We do this as a matter of course for clients who come to us seeking quotations.

On a fee basis, we will conduct an Insurance review to assist any client in negotiating with their existing brokers and/or insurers and to advise on both coverage and programme structure issues.

This service can extend to advising captive managers on reinsurance structures.
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Risk Reviews/ Surveys
Whether an Institution is purchasing or renewing a crime or bankers blanket bond insurance policy or whether an Institution is merely looking for an independent credible third party review of its operations we can provide, on a fee basis, a full risk review performed on a limited scope, full report basis and would expect the following areas to be included in such a review:
  • Historical and business overview.
  • Management structure and suitability of reporting lines.
  • Business experience of key management authorities.
  • Internal and external management authorities.
  • Extent of controls over the executive by shareholders board representatives.
  • Role and scope of third-party inspection (incl. Official Regulators & External Auditors).
  • Independence, role, scope and experience of the internal audit function.
  • ecent loss history and lessons incorporated.
  • Personnel policies, payroll administration and training.
  • Extent and viability of current procedures manuals.
  • Credit policies (incl. control review and administration).
  • Treasury dealing policies (incl. front, middle and back office roles).
  • Third-party payment procedures/systems (incl. SWIFT and other EFT systems).
  • Overview core controls relative to retail banking operations and special client services (i.e. client accounts, branch lending controls, plastic card services, safe deposit and night safe facilities, etc).
  • Overview development, core controls for alternative banking services (i.e. Internet and telephone banking, plastic cards, ATM' s etc).
  • Review EDP operations (incl. physical security, logical access controls, contingency planning).
  • Adequacy of physical security precautions - inc. CIT arrangements.
.The above is not intended to be exhaustive – but indicative only. In conducting the review, we would expect to sight and review all manner of documentation. Copies of certain items may also be requested.

Our review style is by interview with selected management and staff. Individual meetings are preferred – at the interviewee’s normal workstation. Our eventual report, formatted in the English language, is produced in both ‘draft’ and ‘final’ versions. We are happy to sign a suitable form of confidentiality agreement – should this be required by the client. We also undertake to return or safely destroy any confidential documentation received during the course of an assignment.

N.B. Other shorter report styles have been developed where only a single topic of limited range of operational risks is to be addressed (i.e. plastic card operations). These mini-reports can provide a valuable insight into specific issues

The full review/survey report and subsequent implementation of recommendations can be a useful tool for presentation to Insurers, demonstrating a pro-active risk management stance and enhancing the client insurer relationship.
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IT Services/ Risk Reviews
Technical Advice & Consulting
Combining our in-house consultants with a global network of experts in most areas of technology, we can give simple advice or provide a variety of consulting services.

If you are considering buying a product, or want to know if there's something out there that can solve a problem for you, why not get in touch with us and see if we can help. We will also give you an unbiased opinion on a product or manufacturer we have had experience of, from the latest mouse to the fastest server, or the new version of some software.

Forensics
This is a highly specialised service, requiring an image to be made of a computer hard disk so that data can be analysed and/or recovered, without interfering with the original data on the hard disk..

It is performed in cases where embezzlement or improper business activities are suspected.

Other IT Services:
  • Offsite backup for servers.
  • Offsite disaster recovery systems.
  • Design & hosting of websites and email.
  • Server and network maintenance and system upgrades.
  • Internet security advice and installations.
  • Network scans (“penetration” or “ethical hacking” tests).
Is your system secure?
Allow us to complete a security check.

Should you be interested in any of our services, please contact us
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Edward Howard Insurance Services Ltd. is authorised and regulated by the Financial Services Authority. FSA Reference Number 306921 Registered in England. Company No. 3520697