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What you get · Risk

Every risk, read against the capital and the appetite behind it.

A risk register lists what could go wrong. On its own, it rarely says what matters most. Context Visualised groups every risk by its share of the SCR. Then it reads each risk against the appetite the board set and the KRIs that measure it. Emerging risks sit on the same view, so you see what is coming before it reaches the register.

Talk to us Follow Halden

Halden is a fictitious Lloyd's managing agent. We run it in CoVi Analytics and publish its reports one at a time.

The problem

The register has every risk. The board still asks which ones matter.

Most registers score risks on a 5×5 grid and stop there. Appetite sits in a separate paper, written as prose. KRIs live in a spreadsheet someone updates before committee. Emerging risks get a slide once a year. So the risk team holds four views of the same risks, and none of them is in pounds.

Meanwhile the capital model has already measured most of those risks. Each year the SCR goes to Lloyd's in the Lloyd's Capital Return, split by risk type. Start from the SCR split the business already trusts, and the register reads in pounds. And in a softening market, the PRA's 2026 priorities letter asks boards to challenge model assumptions that could understate the SCR.

What you get today
  • A register sorted by score
  • Appetite statements in prose
  • KRIs in a spreadsheet
  • Emerging risks on one slide a year
What you need
  • Risks grouped by their share of capital
  • Each appetite measured by its KRIs
  • Each KRI linked to the risks it watches
  • Emerging risks on the same view, moving into the register when they land
How we solve it

One view of risk, from capital down to the single control.

This is the risk view of Halden, our fictitious managing agent. Start from the capital. Open a class to see its risks. Open a risk to see its controls, its KRI and the appetite it sits under.

  1. First you see
  2. Then you drill into
  3. Behind it

First you see five risk classes, each with its share of the SCR, its number of risks and its highest residual rating.

Halden · Risk · 30 Sep 2026

Where does our capital go, and are we within appetite?

  • Ultimate SCR£330mThe capital our risks require (uSCR)

ClickTap to explore Click a class, an appetite or a bubble to drill in.

Bars share one scale: the £330m ultimate SCR. The pill shows appetite status for the class. The badge counts controls that are not fully effective: ✕ ineffective, ◐ partial.

Halden is fictitious. Source: risk taxonomy, risk register, controls by team, risk appetite KRIs, emerging risks, action log at 30 Sep 2026; Lloyd's Capital Return (uSCR)

Halden's ultimate SCR is £330m. Insurance risk is £244m (74%), counterparty £30m (9%), operational £30m (9%) and market £26m (8%). Strategic risk is in the register but not capitalised in the SCR.

  1. Callout 1: At Halden, 79 risks sit in one register, and only 2 are rated high after controls.Risk register

  2. Callout 2: Both high risks are operational, at 9% of the SCR, and both have ineffective controls.Risk taxonomy; Risk register

  3. Callout 3: Halden's appetite view shows 10 KRIs within appetite, 7 approaching and 3 outside.Risk appetite

  4. Callout 4: Of 12 emerging risks on Halden's radar, 4 are already in the register.Emerging risks

Behind every risk sits a step in the business. At Halden, one of the two high risks traces to a single step: the coverholder audit at DA oversight.

What we think

Start from the capital, not the heat map.

  • Group risks the way the capital is

    The capital model already puts a price on most of your risks. Use its risk types as the top of the taxonomy. Then each class of risk carries its share of the capital.

  • Appetite is only real when it is measured

    Every appetite statement carries KRIs with thresholds. Every KRI watches named risks. If a KRI turns amber, you can see which risks moved it.

  • Emerging risks should have a way in

    A risk on the radar has a stage, an owner and a trigger for promotion. When it starts to land, it moves into the register with its controls and KRIs.

In the Principles Board Attestation, Lloyd's asks managing agents to weigh quantitative data, not only a qualitative view.

What's in it

Three views, one set of risks.

Risk taxonomy and register

  • Every risk in one register, across the managing agent, both syndicates and any overseas entity.
  • Classes follow the Lloyd's Capital Return risk types, with strategic risk alongside.
  • Each risk shows its owner, inherent and residual score, key controls and its KRI.
  • Filter by class, entity, owner or rating.

Appetite and KRIs

  • Board-approved appetite statements, each measured by one or more KRIs.
  • Each KRI on a slider, with its thresholds, where it is now and where it was last quarter.
  • Status in words as well as colour: within appetite, approaching the limit, outside appetite.
  • Each KRI linked to the risks it watches and the processes where they arise.

Emerging risks

  • A radar by theme and time horizon, sized by potential impact.
  • Each item with its owner, the signals you watch, and your response.
  • A clear path from horizon, to watch list, to the register.

How it works

  1. We load what you already have.

    Your register, appetite statements and KRI thresholds, plus the SCR split from your Lloyd's Capital Return.

  2. We link them.

    Each risk to its class, controls and KRI. Each KRI to its appetite statement.

  3. Your teams keep it current.

    Owners update their risks and KRIs where they work, and the view updates with them.

Questions

Questions risk teams ask

How do you turn a risk register into something the business uses?

Group the register the way the capital model is grouped. Each class then carries its share of the SCR, so the business reads risk in pounds. Link every risk to its controls and KRI. Then a register entry answers a business question: what could this cost, and is it under control?

What should a risk appetite dashboard for an insurer's board include?

It should show each appetite statement the board approved, measured by KRIs with clear thresholds. Each KRI needs its current value, last quarter's value and its status in words. The board should be able to open any KRI and see the risks behind it. Halden's fictitious appetite view does this for 20 KRIs.

How is a syndicate's SCR split by risk type?

In the Lloyd's Capital Return, a syndicate reports its SCR by risk type: insurance (premium and reserve), credit (counterparty), market and operational. Lloyd's sets this out in its Capital Guidance (April 2026). We keep strategic risk in the register too, without a share of the SCR.

Who uses this view

Every team owns some of the risk.

Proof

See the risk view working at Halden.

Halden is our fictitious managing agent. We publish its risk reports in the open, so you can click through the same views described here.

Want your register read against your capital?

Send us your risk classes and your SCR split. We will show you how they would look, using Halden as the starting point.

Talk to us Take the risk reporting check

Built by Context Visualised, in London since 2016, Lloyd's Lab Cohort 2. Founded by Waleed Sarwar, former interim Head of Risk at Liberty Mutual, Markel and Bupa, who worked on Solvency II policy at the Bank of England.

Sources (3)
  • Lloyd's Capital Guidance (April 2026) and LCR 2027 YOA instructions. Syndicates submit the SCR through the Lloyd's Capital Return, broken down by risk type. assets.lloyds.com assets.lloyds.com
  • Lloyd's, "Guidance for 2026 Principles Board Attestation", January 2026. Managing agents should consider "not only a qualitative view but also what quantitative data is available to support the assessment". www.lloyds.com
  • PRA, "Insurance Supervision: 2026 priorities", Dear CEO letter, 15 January 2026. Softening market; optimistic internal model assumptions could understate SCRs; boards should "challenge management's assumptions robustly". www.bankofengland.co.uk