If this is how you want to see your business, talk to us.
Tell us what your board or your teams are trying to see. We will show you how we would build it, using Halden as the starting point.
Risk is most useful where the business makes its decisions.
Context Visualised puts risk where the business already looks, so the people who run the work and the people who check it share one picture. We start from the questions management asks. We use numbers already sent to Lloyd's. We draw processes as live maps, and we pair the capital with the risk register.
Halden is a fictitious Lloyd's managing agent. We run it in CoVi Analytics and publish its reports one at a time.
Halden · Risk register
Where do our 79 risks sit?
- Insurance17 risks9 medium · 8 low
- Counterparty10 risks3 medium · 7 low
- Operational27 risks2 high · 7 medium · 18 low
- Market8 risks1 medium · 7 low
- Strategic17 risks9 medium · 8 low
- High
- Medium
- Low
- Rating shown is residual risk.
The problem
Why don't boards read risk reports?
Because most risk reports are built apart from the business reporting they belong in. The board reads the plan, the claims and the capital in one pack. It reads the risks in another. The same risks arrive in two languages, and the board reads the one in pounds.
Lloyd's asks managing agents to weigh quantitative data, not only a qualitative view, in the Principles Board Attestation. The data is usually there. It just sits in a different pack.
How we solve it
How do you turn a risk register into something the business uses?
Group it the way the capital is. Each class of risk carries its share of the SCR. A director sees where the capital goes and which risks sit inside it.
CoVi Analytics · Risk taxonomy
Halden risks
Each risk class sized by its share of the ultimate SCR (uSCR), at 30 September 2026.
- 79Risks
- 2High residual
- 132/158Controls operating
- £330mUltimate SCR (uSCR)
Where the capital goesuSCR £330m
- Insurance 74%
- Counterparty 9%
- Operational 9%
- Market 8%
ClickTap a class to see its subclasses
| Subclass | SCR | Highest residual | Risks |
|---|---|---|---|
| Premium | 26% | C4, medium | 6 |
| Catastrophe | 24% | C4, medium | 4 |
| Reserving | 22% | C4, medium | 3 |
| Accumulation & aggregation | 1% | C3, medium | 2 |
| Lapse | 1% | B3, low | 2 |
| Subclass | SCR | Highest residual | Risks |
|---|---|---|---|
| Reinsurance | 6% | C3, medium | 4 |
| Distribution | 1.5% | C2, low | 3 |
| Fronting partners | 1% | B4, medium | 2 |
| Banks and custodians | 0.5% | A3, low | 1 |
| Subclass | SCR | Highest residual | Risks |
|---|---|---|---|
| Outsourcing and third parties | 1.5% | D4, high | 5 |
| Cyber | 2% | B4, medium | 3 |
| Business continuity and IT resilience | 1.5% | B3, low | 2 |
| Process | 1.5% | B3, low | 4 |
| Regulatory and compliance | 1% | B3, low | 5 |
| Data and models | 0.5% | C3, medium | 2 |
| People | 0.5% | C3, medium | 2 |
| Financial crime | 0.5% | B4, medium | 2 |
| Conduct | Not in SCR | B3, low | 2 |
| Subclass | SCR | Highest residual | Risks |
|---|---|---|---|
| Interest rate | 3% | B3, low | 2 |
| Spread | 2% | B3, low | 1 |
| Currency | 2% | B3, low | 2 |
| Equity | 1% | B2, low | 1 |
| Liquidity | Not in SCR | B4, medium | 2 |
| Subclass | SCR | Highest residual | Risks |
|---|---|---|---|
| Execution | Not in SCR | C3, medium | 5 |
| Change | Not in SCR | C3, medium | 2 |
| Competitive environment | Not in SCR | C3, medium | 1 |
| Capital and funding | Not in SCR | B4, medium | 3 |
| Group and intra-group | Not in SCR | B3, low | 2 |
| Governance and reputation | Not in SCR | B3, low | 3 |
| ESG and climate | Not in SCR | B2, low | 1 |
- D4High
- C3Medium
- B3Low
- Rating shown is residual risk: likelihood A to E, impact 1 to 5.
Insurance risk takes £244m of Halden's £330m ultimate SCR, or 74%.
Risk earns its place in the business report when every number has a process behind it, and every process has a number on it.
What we think
Five things that shape every view we build.
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Start from what management asks.
Are we on plan? Where could we lose capital? Which processes are failing? Every view starts from a question like these, then drills down to KRIs, risks, controls and committees.
-
Use numbers already signed off.
We start from returns already sent to Lloyd's: the syndicate business forecast, the Lloyd's Capital Return and the quarterly returns. The aim is that nobody re-keys them. The debate moves from whose number is right to what to do about it.
Halden · Business at a glanceSyndicate 9146
£500mGross written premium, 2027 plan- Property£220m 7% up, favourable
- Specialty£160m 3% down, adverse
- Reinsurance£90m 29% up, favourable
- SME cyber£30m
Shaped like the syndicate business forecast sent to Lloyd's. Halden 2027 plan against the 2026 forecast, £m at plan rates of exchange. -
Processes are live maps, not dated documents.
Documents describe how the work was done. A map shows how it is done today. We draw the operating model as a tube map, with processes as lines and key activities as stops. When a control fails, its stop turns red. Halden has two: DA oversight and Reserving.
Halden · Process mapFront office, today
- Distribution
- Underwriting
- Failed control
Shown: the DA oversight stop on Halden's distribution line, 30 September 2026. -
Pair the capital with the register.
The capital model already measures most of the risks the register scores. We put them side by side. Each risk is read with the capital it needs, its rating after controls and its appetite.
Halden · Risk taxonomyCounterparty risk
£30m · 9% of SCR · 10 risksSubclass and top risk SCR Rating ReinsuranceReinsurance cost and availability 6% C3, medium DistributionBroker concentration 1.5% C2, low Fronting partnersFronting partner insolvency 1% B4, medium Banks and custodiansBank or custodian failure 0.5% A3, low KRIPremium debt over 90 days, 4.2% of GWPApproaching
Rating shown is residual risk. Halden risk taxonomy and appetite, 30 September 2026. -
Bring your own AI.
We are building CoVi Analytics to work with the AI assistant your firm already trusts. It would draft a control test, an incident or a KRI commentary. A named person would approve it before anything changes.
Approval card · in TeamsConcept: in build
CoVi AnalyticsHalden · Controls
Coverholder audit evidence found for C-137. Review and approve?
The card offers three actions: Approve, Edit, and Open in CoVi Analytics.
Concept design of a card we are building. C-137 is Halden's coverholder audit control.
Partners, not roadblocks
How can a risk team become a business partner, not a roadblock?
Make a deal with each team. The risk team asks for a few things recorded where the work already happens. Each team gets back a view of its own business, with the risk read into it.
Remediation actions need owners and dates. In March 2026, the FCA found that some firms lacked owners or target dates for them. A deal makes them part of each team's own view.
- The boardappetite against the plan, between meetings
- Operationsyour procedures, as one map
- Claimslarge losses, recoveries and complaints
- Underwritingthe plan with the risk read into it
- Delegated authoritycoverholders from bordereaux to breach
- Financethe capital model and the register together
One email a month: "This month at Halden". Email address only.