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???????????????????? ?? ???????????????? ???????? & ???????????????????? ???????????? ?????? ???????? ?????????????? ?????????????????? ???????????????? AFS Licensees should document their risk & compliance arrangements to demonstrate compliance with obligations (refer ASIC RG 104.26) In addition, a documented approach provides evidence of compliance with, where relevant, GI /Brokers Code, CPS 230 requirements, Steadfast requirements, Lloyds requirements & other obligations. A documented approach to risk & compliance also: - provides a go-to single source of reference for staff - provides assurance to insurers, Lloyds underwriters & other business partners - enables better management of single breaches of obligations & proof that a breach is not a systemic issue - enables obligations to be mapped to key controls - provides an operating rhythm for risk & compliance - is a roadmap providing guardrails for innovative & strategic growth for your business ?? ???????????????? ???????????? A one-size-fits-all approach is not suitable. A Risk & Compliance Manual of 100+ pages will simply sit on a shelf collecting dust. The obligations of an APRA regulated insurer are different to an Underwriting Agency or TPA & are different to an insurance broker. An insurance broker's obligations differ to whether it is a NIBA member &/or Steadfast broker & whether it is an AFS licensee or Authorised Rep. How do you tailor your Manual? Ask these 3 questions: 1. What do you do? what are your authorisations & licences, what product & services do you provide? 2. How do you do it? - how do you provide your services & products? your distribution channels or claims handling practices create risk & obligations. 3. Who do you act for? Brokers act for the insured, MGAs/TPAs act for insurers. This may give rise to Code & CPS 230 obligations. ?????? ?????????????????? ???????????????????? ???? ?? ???????? & ???????????????????? ???????????? Depending upon the nature, scale & complexity of your general insurance business, your manual should include: 1. The source of your obligations - licence, authorisations, binders, membership of NIBA etc 2. Scope & purpose 3. Risk Governance - including your risk & compliance committee 4. Roles & responsibilites for risk & compliance 5. Risk management system - how your business manages risk including a simple risk appetite statement 6. AFS Licence management 8. Material obligations - this section provides context & details your obligation(s) & enables you to assign key control(s). 9. Obligations management - your process for managing obligations including regulatory change 10. Control testing 11. Monitoring & supervision of staff, representatives & material service providers 12. Incident & breach management 13. Reporting 14, Breach of the risk & compliance Manual If you need assistance in developing a tailored Risk & Compliance Manual, as a single source of truth for your business, contact me.

RTRS is excited to announce the launch of Observation 2.0—an enhanced auditing platform designed to revolutionize your safety and compliance processes. In celebration of our 10-year anniversary, we’ve revamped the interface and introduced powerful new features that will elevate how you manage audits and track contractor issues. What’s New in Observation 2.0? Seamless Audits: Our revamped interface makes audits smoother than ever, with voice dictation for hands-free input, keyword searches across categories, swiping left to quickly create issues, and the ability to modify the date performed for more flexible reporting. Title Field for Data Search: Introducing a new title field, creating a streamlined way to categorize and search for critical data in your reports. Global Party Observed: Easily track contractor issues across locations with our global party observed features, simplifying compliance oversight. 10,000+ Question Database: Customize and build your audits from a comprehensive database of over 10,000 questions. Photo & GPS Issue Tracking: Track issues with photos, GPS coordinates, and even assign tasks to team members—whether inside or outside of your organization. 40+ Pro Dashboards for Real-Time Insights Our newly revised set of 40+ Pro dashboards focusing on observations offers deep insights into how issues are tracked, assigned, and closed, all measured against key benchmarks. These dashboards empower you to make data-driven decisions and ensure compliance with precision. Trusted by the Industry's Best Discover why leading insurance companies around the world private label our solution to enhance their risk management and auditing processes.

In today's complex business landscape, managing risk and ensuring adequate insurance coverage can be overwhelming for companies. That's where partnering with a single agency for all your insurance and risk management needs becomes invaluable. Here's why: 1. Comprehensive Solutions: A full-service agency provides an extensive range of insurance products and risk management services, ensuring all aspects of your business are protected under one roof. 2. Seamless Coordination: Working with a single agency streamlines communication and ensures a coordinated approach to managing your risks, preventing potential gaps in coverage or duplications. 3. Tailored Strategies: A dedicated partner takes the time to understand your unique business risks and develops customized solutions that address your specific needs and goals. 4. Expert Guidance: With a team of experienced professionals, a single agency offers valuable industry insights and guidance, helping you navigate complex regulations, market trends, and evolving risks. 5. Cost Savings: Consolidating your insurance and risk management needs with one agency allows for potential cost savings through bundled services, multi-policy discounts, and improved risk mitigation strategies. 6. Continuity and Trust: A long-term partnership with a reliable agency fosters trust and continuity, ensuring you receive consistent, high-quality service year after year. 7. Time-Saving: Dealing with a single agency saves you time and reduces administrative burden, allowing you to focus on growing your core business. 8. Regular Reviews: A committed partner conducts regular reviews of your coverage and risk management strategies, ensuring they remain relevant and up-to-date as your business evolves. 9. Peace of Mind: Knowing your business is well-protected by a team of experts provides peace of mind and allows you to approach the future with confidence. By partnering with a single agency for all your insurance and risk management needs, you can enjoy comprehensive solutions, tailored strategies, expert guidance, and peace of mind – empowering your business to thrive in today's ever-changing world.

Risk management and insurance experts agree?the most effective way to reduce insurance costs is to target the root cause. Your experience modification rate (e-mod) is a great starting point?— it’s a key component of workers’ compensation pricing models used by insurance companies that directly impacts premium. USI recently helped a midsize?manufacturing company in the Midwest achieve significant cost savings by improving the accuracy of its?e-mod. By conducting a thorough analysis, USI identified and corrected errors that had inflated the company’s workers’?compensation premiums. This proactive approach led to a 15% reduction in annual workers’?compensation costs, resulting in more than $100,000 in savings. Our recent Executive Series article details how an e-mod analysis can significantly lower workers’ compensation costs and generate future premium savings. Please contact me or your local USI consultant directly to learn more, and take a moment to read our recent article:?https://lnkd.in/e5a-BUMr

Well said. Any agent can help shop a policy for the best price (with varying results). There are better ways, this one included, for business leaders to take control of their insurance programs. Controlling what feels uncontrollable gets a lot easier when you have the right organization with a new, different, proven approach partnering with you.

Why Your X-Mod Matters for Business Success Your X-mod isn’t just a number—it’s a reflection of your company’s safety culture and risk management practices. A high X-mod can make or break your bottom line, particularly in competitive industries. At PEO Insurance Brokers Network, we help businesses turn high X-mods into an opportunity for improvement. Here’s why your X-mod is more important than you think: ? It Reflects Safety Standards: A low X-mod demonstrates strong safety practices, attracting clients and enhancing employee trust. ? It Impacts Contracts: Many industries require businesses to maintain an X-mod below 1.0 to qualify for bids, making it a key factor in securing work. ? It Affects Operational Costs: High premiums tied to a high X-mod can eat into your profits, leaving less room for growth. How we help reduce X-mods: ? Accident Prevention: From proper training to updated safety protocols, we ensure your team is prepared to minimize risks. ? Efficient Claims Management: Delays or inaccuracies in claims processing can drive up costs. We streamline the process to avoid unnecessary increases. ? Ongoing Monitoring: Regular reviews of your safety programs and claims data ensure your X-mod stays on the right track. At PEO Insurance Brokers Network, we connect businesses with PEOs that provide tailored solutions for lowering X-mods and building a safer, more profitable workplace. Know more about PEO Insurance Brokers Network & services here: https://lnkd.in/gQXRiqk3

?????? ???????????????? ???? ???????????? ?? ???????????????? ???????? & ???????????????????? ???????????? ?????? ???????? ?????????????????? ???????????????? One of the compliance services that I provide is a fit-for-purpose & tailored risk & compliance manual All Manuals are personally designed by myself. ?????? ???????????????? - governance, risk & compliance is maintained in a single place (~30-40 pages) - documented evidence of your arrangements that can be easily shared with others. This is particularly useful for CPS 230 & FAR when dealing with APRA regulated insurers - the manual is an accessible, learning tool for your staff - at a glance you can view your key controls - the manual provides you with an operating rhythm for risk & compliance ?????? ???????????????? - your manual is crafted based on what you do. If you are a Licensee, Auth Rep, Code subscriber, Lloyds coverholder etc your manual talks about the uniqueness of your business based upon the nature & scope of what you do & how you do it - the manual is a source of staff training. Written in plain english, the manual provides easy-to-understand & concise guidance. Sources of law, Code & regulatory guidance are included as footnotes for when you need to know a little bit more. If something does not apply to your business, its not included. This reduces complexity, uncertainty & confusion. - the manual includes the context for each obligation & incorporates your key controls. This joins the dots for your people, key stakeholders & partners in understanding how your control environment manages your obligations. - the manual provides an operating rhythm for: a) governance including oversight by your board/senior management & your risk & compliance committee; b) roles & responsibilities c) risk management process d) licence management e) control testing f) monitoring of your people, Auth Reps & material servcie providers g) incident management & breach reporting h) dealing with regulatory change. - the Manual reflects your business. Its branded with your Corporate logo & colours, it talks about your AFS Licence or your Auth Rep scope, your AFCA responsibilities, your obligations under Code, your obligations as a member of a group network or industry body If you are a Steadfast broker & use CCX 360, the manual includes that. If you are a Lloyds coverholder, the manual includes Lloyds market bulletins If you have a binder, the manual includes your key binder obligations. If you are a material service provider, the manual assists in managing the expectations of your partners. ?????????????????? Importantly, your Risk & Compliance Manual provides assurance of the adequacy of your compliance arrangements to your key stakeholders The Manual clearly shows: the sources of your obligations =>your obligations => your key controls. If you are interested in understanding how a tailored, fit-for-purpose Risk & Compliance Manual can benefit your business, contact me.

Why Your X-Mod Matters for Business Success Your X-mod isn’t just a number—it’s a reflection of your company’s safety culture and risk management practices. A high X-mod can make or break your bottom line, particularly in competitive industries. At PEO Insurance Brokers Network, we help businesses turn high X-mods into an opportunity for improvement. Here’s why your X-mod is more important than you think: ? It Reflects Safety Standards: A low X-mod demonstrates strong safety practices, attracting clients and enhancing employee trust. ? It Impacts Contracts: Many industries require businesses to maintain an X-mod below 1.0 to qualify for bids, making it a key factor in securing work. ? It Affects Operational Costs: High premiums tied to a high X-mod can eat into your profits, leaving less room for growth. How we help reduce X-mods: ? Accident Prevention: From proper training to updated safety protocols, we ensure your team is prepared to minimize risks. ? Efficient Claims Management: Delays or inaccuracies in claims processing can drive up costs. We streamline the process to avoid unnecessary increases. ? Ongoing Monitoring: Regular reviews of your safety programs and claims data ensure your X-mod stays on the right track. At PEO Insurance Brokers Network, we connect businesses with PEOs that provide tailored solutions for lowering X-mods and building a safer, more profitable workplace. Know more about PEO Insurance Brokers Network & services here: https://lnkd.in/gW27z_MH

Using navigation, with sailing on choppy waters as the analogy, let’s delve into these three pillars of Governance, Risk and Compliance to understand, in layman's terms, how they intertwine to create a robust framework within the Insurance landscape. ? - Governance: The North Star - Governance encompasses the rules, processes, and structures that guide an organization’s decision-making. It’s the compass that keeps us on course. Effective governance ensures alignment with strategic objectives, ethical behavior, and accountability. Boards, committees, and policies form the backbone of governance in insurance. They set the tone for risk management and compliance efforts. ? - Risk Management: Navigating Choppy Waters - Risk management involves identifying, assessing, and mitigating risks. Think of it as our life jacket in stormy seas. Insurers face market volatility, underwriting risks, and operational challenges. Managing these risks is essential for financial stability. Analyzing risk exposure, diversifying portfolios, and maintaining capital reserves are crucial. A risk-aware culture helps us stay afloat. ? - Compliance: Sailing Within Legal Boundaries - Compliance means adhering to laws, regulations, and industry standards. It’s our compass, ensuring we stay on the right course. Non-compliance can lead to penalties, reputational damage, and financial losses.?Solvency ratios, reporting requirements, and consumer protection standards—all fall under compliance. It’s about doing the right thing, always. ? - Internal Audit: The Guardian Within - Internal audit provides independent assurance. It evaluates controls, risk management processes, and compliance efforts. Auditors identify key risks and assess their impact on the organization. Through their reviews, they verify control effectiveness and adherence to policies. Internal audit reports findings to senior management and the board, ensuring transparency. - Strengthening the Three Lines with Internal Audit Activities - Internal audit bridges the first and second lines of defense, reinforcing the entire GRC structure. ? - Logic and Common Sense: Our True North - At the end of the day, GRC isn’t just about checkboxes; it’s about thoughtful decision-making. Ask yourself these questions: 1. Is this aligned with our purpose? 2. Does it uphold our values? 3. s it legally sound? 4. Is it fair to all stakeholders? Everybody must contribute to GRC. It starts with personal integrity and extends to collective impact. Remember, whoever you are, an underwriter, claims handler, sales agent, Senior Management or Board members, your choices matter. Let’s navigate the insurance seas with wisdom, ethics, and a steady hand. ????? Remember to speak up, act up, amp up and team up towards success. #MCISLife #SAAT #SpeakUp #AmpUp #ActUp #TeamUp #Culturetransformation #Culturechange #Strategiccatalyst #internalauditdivisionmcislife #newinternalaudit #QAIP