Financial Institution Industry
ICA has served the financial institution industry for several decades from the east to west coasts of the United States. ICA’s Clients in this industry include banks of all types, credit unions, credit card processing services, investment companies, finance companies, hedge funds, wealth management firms, regulatory authorities and other industry organizations.
The success of financial institutions relies on prudent planning for the protection of their most vital assets, including key personnel and staff as well as abiding by the stringent regulations that exist both home and abroad. Their success has been influenced by the competition in all sectors of the industry, which offer the same or similar services, thereby narrowing their margins. Their thinking is further influenced by the growth of the digital world that requires online banking services and consideration for whether brick and mortar expansion is to their advantage. Therefore, risks that decision makers of financial institutions pay close attention to are the ever-growing exposure to cyber and technology risks as well as theft by check kiting, premises liability, security guard risk, ATM and wire transfer exposures and social engineering fraud, to name a few.
ICA consistently finds gaps in policy language or poorly structured insurance programs, which require the proper wording to appropriately transfer financial institutions’ risks to their insurance provider(s), especially on behalf of Directors and Officers. ICA’s specialized consulting services provide a review of the corporation’s bylaws, inclusive of their indemnification agreements to ensure that this language aligns with the conditions of the corporation’s Directors and Officers Liability policy(ies).
ICA’s financial institution Clients benefit from ICA’s services tailored to help their risk management needs. In this regard, Clients benefit from ICA’s administration of insurance requirements in their loan covenant agreements by implementing ICA’s Loan Assumption and Compliance Review Services.
ICA’s financial institution clients attest to the value of the services they receive, exemplified by the following testimonials:
“ICA’s understanding of issues at the cutting edge of concern to financial institutions, be it Cyber Crime, or Management Liability, has been exemplary, and ICA’s team has been very prompt and pro-active in bringing these to our attention, and suggesting cost-effective risk management solutions to these issues, be it via insurance, contracts, or otherwise. Their knowledge of insurance and other contractual issues of importance to our Bank has challenged our thinking and educated us as well.”– Financial Institution Client
“…Not only have you effected these savings for us, but you have been able to offer us more protection with the companies you have placed us with and the brokers you have introduced us to than we ever had in the history of our company. Our Directors and Officers are overwhelmed with your accomplishments. In effect, you have made me look like a ‘Knight in Shining Armor’ and for that I thank you! The Risk Management Consulting Services offered by you and by ICA are top notch!” – Financial Institution Client
Contact ICA for a comprehensive list of client references.