2 June 2023ILS

Consultant offers service to make insurers BMA compliant

Bermuda-based Treefrog Consulting is offering to help Bermuda re/insurers and insurance linked securities participants to design a Bermuda Monetary Authority compliant risk management framework.

The BMA Is requiring insurers to comply with its revised Insurance and Cyber Codes of Conduct by September 1 by having an effective RMF in place.

Treefrog consulting president Dmitry Mnishkov (pictured) said: "An RMF is an assessment of risk that is addressed by a control framework consisting of governance controls, policies, checklists, procedures, and guidelines. By implementing an RMF, organisations can better manage risk, improve governance and decision-making, and demonstrate their commitment to best practices.

"To comply with the Insurance and Cyber Codes of Conduct, organizations must implement specific policies, procedures, and guidelines. These may include a code of Conduct, cyber and information security, business continuity, outsourcing policy, and a risk management policy among others."

He added: "Implementing an RMF can be a challenging task, particularly for smaller companies that lack the resources or expertise to create content quickly. Treefrog Consulting, a Bermuda-based consulting firm, can help organizations identify risks and implement base-level control frameworks required for BMA compliance in a cost-efficient and time-saving manner."