Bermudian-based Treefrog Consulting is launching a service to help local insurance firms follow new BMA regulations.

The BMA regulations, coming into effect on September 1, necessitate the implementation of an effective risk management framework aimed at improving governance, risk management, and demonstrating adherence to industry best practices.

A spokesman for Treefrog said some companies, particularly smaller ones, might struggle with the complexity of the RMF, which includes control frameworks, policies, checklists, procedures, and guidelines.

“Recognising this potential challenge, Treefrog Consulting offers a comprehensive solution that can assist companies in identifying their unique risk profiles, implementing appropriate control frameworks, and developing requisite policies, procedures, and guidelines,” the spokesman said.

“Treefrog's team of experts leverage their extensive experience to craft effective controls and policies in a cost-efficient and time-efficient manner.”

Treefrog president Dmitry Mnushkin warned firms not to 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,” Mr Mnushkin said. “We work with our customers to right-size their policies, keeping costs low and delivering on a tight deadline.”