Risk Management Standards Inc. (“RMS”) was established in 2007 to brand the risk management and operations audit services of CW Consulting. CW Consulting was formed in 1987 as an affiliate of CW Partners LLP.
CW Consulting is a comprehensive consulting organization with a proven track record in assisting insurance agents/brokers in all aspects of their operations from strategic and annual planning, operational reviews, financial management and human resource issues to tax planning and technology. It is considered the leading consulting firm in its field in Canada.
CW Partners LLP provides assurance services to its clients including financial statement auditing, review and compilation engagements.
Both firms focus on providing services to property and casualty intermediaries.
As the risk management practice grew, management controls and systems were put in place to attract and train staff and contractors to deliver professional services matching our experience and skill set, in particular, years of knowledge and experience in the property and casualty industry, combined with financial and operational and forensic audit skills.
In 2006 and prior, the practice represented the audit services division of Gold Seal Risk Management Limited (“Gold Seal”). The division, which has been reconstituted in RMS, performed Coverholder Audits on behalf of certain syndicates at Lloyd’s as well as external performance and E&O focused audits for agents and brokers in Canada.
The Advantage of Using RMS
Our services, experience and reputation within the industry mean that we are well placed to advise Lloyd’s underwriters on issues relating to their Coverholders.
Our auditors have the industry experience and background to understand your Coverholder's business and identify areas of risks.
All RMS employees and contractors have been retained by certain Syndicates to carry out Coverholder, Pre-Coverholder, portfolio analyses and TPA audits. This means we generally appreciate the reporting and audit requirements of Lloyd’s Syndicates, however we recognize that each Syndicate will manage and change their Terms of Reference for Coverholder Audits in accordance with their own requirements. RMS also has the capability to carry out TPA and Pre-Coverholder audits.
RMS has the organizational capacity to perform and issue up to 100 to 200 reports annually depending on the nature and complexity of the service. Because of the depth of our team we can react quickly to special requests from Syndicates who have identified Coverholder issues which require immediate review.