Menu

Delegated Audit Manager (DAM)

Market Services>Delegated Audit Manager (DAM)

Delegated Audit Manager (DAM)

DAM will be managed by LIMOSS, as a Market Service, from Monday 31st March 2025.

Overview

Delegated Audit Manager (DAM) is a secure web-based system that was devised primarily to facilitate the co-ordination of audit activity for Coverholders who have multiple market counterparties in order to minimise the disruption to their underwriting activity. DAM covers all Coverholder audit activity and incorporates the audit of claims third-party administrators (TPAs). This functionality includes:

Managing Agents

  • The collection and storage of auditors’ professional information for the purposes of due diligence by Managing Agents (MAs).
  • The scheduling of co-ordinated audits of Coverholders and claims TPAs based on the recorded preferences of the participating MAs.
  • The management of the single counterparty Coverholder and claims TPA audits.
  • Workflow management of the submission and distribution of:
    •  audit scopes from MAs to auditors,
    • quotations for audit work from auditors to MAs,
    • findings and recommendations arising out of completed audits from auditors to MAs,
    • requirements for remedial action from the MA to the Coverholders and claims TPAs.
  • Workflow management and tracking of the submission and distribution of responses and evidence from Coverholders and claims TPAs to MAs.
  • Repository of audit reports.

Brokers

Brokers can access DAM and complete tasks on behalf of their Coverholder clients if they have been instructed to do so. Access to DAM utilises the Lloyd’s Access Framework (LAF) and requires a lloyds.com account.

Coverholders and TPAs

DAM deals with five main areas of Coverholder and TPA activities:

  1. The RFI process where auditors provide information which carriers use during the scheduling of audits.
  2. The scheduling of Coverholder and TPA audits.
  3. The management of the audits.
  4. Consolidation of audit findings.
  5. Diary management of audit recommendations.

Training

Toonimo are the third party who provide user guides and integrated user training. Training overlays (“engagements”) and PDF user support guides are accessible within DAM.

DAM Subcontractors

LIMOSS’s subcontractors (and their further subcontractors) include those entities listed below, in each case together with their affiliates.

  • Pegasystems Limited (together with additional subcontractors as listed here https://www.pega.com/subprocessors)
  • Toonimo Inc (together with their subcontractors AWS and Oracle and their affiliates)
  • Lloyd’s (together with their subcontractor Coforge U.K. Limited and its affiliates)

From 31st March 2025, anyone accessing the DAM market service will be covered by the Terms and Conditions. MAs/Carriers will separately be covered by the Market User Agreement once they have signed it.