OFAC Sanction Regulations: The Underestimated Risk for Insurance Companies

An insurance company with incorporated entities in the US issues a health insurance policy to a citizen of Cuba and a policy to cover an international hotel chain’s properties in Tehran, Iran. In addition, a marine cargo or “goods in transit” policy has been issued insuring a shipment of Iranian crude oil shipped from Egyptian ports to a Spanish buyer. Are these OFAC violations or not?

What counts is assurance as a whole

Risk convergence – corporate governance elements must be linked and incorporated in an integrated concept.

Systematic Integration of ORM and ICS

Swiss law requires the use of internal control systems and risk management. If these two disciplines, which until now have often been applied independently, are systematically implemented and integrated, many synergies can be realized.