Bermuda-based Treefrog Consulting has announced s Risk Management Services specifically designed to help organisations in the re/insurance, and ILS sector meet Bermuda Monetary Authority’s (BMA) new Insurance and Cyber Codes of Conduct regulations.
Coming into effect on September 1, 2023, the BMA regulations call for the implementation of an effective Risk Management Framework (RMF), aimed at improving governance, risk management, and demonstrating adherence to industry best practices.
Given the complexity of the RMF, which includes control frameworks, policies, checklists, procedures, and guidelines, many companies, particularly smaller ones, might struggle to meet the BMA’s requirements, the consulting firm stated.
Recognizing this potential challenge, Treefrog Consulting’s solution can assist companies in identifying their unique risk profiles, implementing appropriate control frameworks, and developing requisite policies, procedures, and guidelines.
Treefrog’s team of experts leverage their extensive experience to craft effective controls and policies in a cost-efficient and time-efficient manner.
“Don’t wait until the last minute to start preparing for BMA compliance. Implementing an effective RMF is a fundamental step in mitigating risk and ensuring compliance with the new regulations,” advised Dmitry Mnushkin, Treefrog’s President. “We work with our customers to right-size their policies, keeping costs low and delivering on a tight deadline.
