Finance Department
Charles G. Preseau, Vice President and Chief Financial Officer
As ICI Mutual’s CFO, my responsibilities include oversight of the finance department and its accounting, investment, regulatory compliance, and reporting functions, as well as the oversight of ICI Mutual’s information technology (IT) infrastructure and staff. Over the past five years, there have been several major system enhancements to improve work-flow efficiency. For example, the IT staff has implemented a data capture and analysis process from Morningstar that eliminates a significant portion of the upfront manual data collection employed to underwrite an account; assisted finance with a wide range of data integration projects that eliminate the need to reenter data; deployed a document management system to store and organize the data; and digitized hard copy documents associated with the underwriting and claims handing processes.
The IT staff is also responsible for management of the Company’s Business Continuity Site (BCS) located in Sterling, Virginia. ICI Mutual established the BCS in 1999 to ensure that the Company’s core operations would continue without interruption in the event that the main office in Washington, DC became inoperable or inaccessible. Over the past few years, the BCS has been transformed into a “hot site” to which critical data is replicated nightly. The BCS also supports fail-over voice capabilities. This technology proved useful when Hurricane Irene disrupted telephone service at our Washington, DC location; calls were seamlessly re-routed through the BCS, allowing ICI Mutual’s staff to communicate with clients without interruption.
My duties also include supervising the staff of ICI Mutual Insurance Brokers, Inc., a wholly-owned subsidiary of ICI Mutual. Brokers was founded in 1990 to assist ICI Mutual’s insureds with obtaining certain types of insurance coverage not offered by ICI Mutual, but which are necessary for our investment adviser insureds, such as ERISA fidelity bonds, non-mutual fund investment adviser insurance products, and lost instrument bonds. Brokers understands the practical business needs and the regulatory requirements of the mutual fund industry and works with a number of highly-rated commercial insurance partners to develop tailored and meaningful coverages for ICI Mutual’s insureds.