Paul Muir’s Post

Ensure Your Compliance is in Order with Benchmark Compliance Managing compliance can be overwhelming, but Benchmark Compliance simplifies the process, ensuring you have all the necessary records in place and can manage them effectively. Why Benchmark Compliance? - Comprehensive Compliance Management: From ABN checks and GST registration to specialized licenses and insurance policies, Benchmark Compliance covers every critical aspect of compliance. We make sure your business is legally compliant, helping you avoid costly fines and operational disruptions. - Streamlined Record-Keeping: Our platform provides an easy way to maintain and manage all your compliance records, including Safe Work Method Statements (SWMS), Professional Indemnity Insurance, and Workers Compensation Insurance. You’ll have everything you need at your fingertips, making audits and inspections hassle-free. - Customizable Solutions: Benchmark Compliance offers tailored solutions that fit the specific needs of your industry—whether you're in construction, labour hire, or any field requiring rigorous compliance. We ensure that your compliance processes align with your business operations seamlessly. - Real-Time Compliance Monitoring: With our advanced access control solutions, you can monitor and enforce compliance in real time. This means no more manual checks—only compliant personnel and contractors gain access to your site. - Overlooked Compliance Made Easy: Many businesses miss out on critical compliance areas like hazardous substance registers, ISO certifications, and drug and alcohol testing. Benchmark Compliance ensures these often-overlooked areas are covered, protecting your business from unexpected liabilities. By partnering with Benchmark Compliance, you’ll not only simplify compliance management but also protect your business and workforce. Don’t let compliance be an afterthought—make it a cornerstone of your operations with a solution that’s as effective as it is straightforward. Get started with Benchmark Compliance today and safeguard your business effortlessly!

𝐘𝐨𝐮 𝐜𝐚𝐧 𝐧𝐨𝐰 𝐟𝐨𝐥𝐥𝐨𝐰 𝐓𝐡𝐞 𝐆𝐞𝐧𝐞𝐫𝐚𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐀𝐜𝐚𝐝𝐞𝐦𝐲 𝐨𝐧 𝐋𝐢𝐧𝐤𝐞𝐝𝐈𝐧 The General Insurance Compliance Academy has its own page on LinkedIn. Please support the Academy & myself by following. This is an exciting initiative that I've developed focusing upon risk, regulatory & compliance training for people in the General Insurance industry. Due to the various nuances, subtleties & independent regulatory & Code requirements & arrangements for General Insurance, it's neccessary to undertake specific financial services & Code training & education that understands & explains the unique requirements of General Insurance. This is why I created The General Insurance Compliance Academy The Academy is dedicated to protecting people in General Insurance through training, professional development, and compliance. The Academy is designed to complement training through other sources such as ANZIIF. 𝙏𝙧𝙖𝙞𝙣𝙞𝙣𝙜 & 𝙤𝙩𝙝𝙚𝙧 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 Please explore The General Insurance Compliance Academy on LinkedIn and on my website. I personally provide all the services, including the training, presented through the Academy. The key service offerings of The General Insurance Compliance Academy are: - the flagship training course is the full day Compliance workshop. The next workshop is in Melbourne on the Thursday 18th July. This course has 6 NIBA CPD points & 6.75 ANZIIF CIP points. - each month I provide monthly, online compliance training. The next course is Thursday 11th June. This course has 3 NIBA CPD points. - I also provide a membership subscription service so that you have a compliance specialist at your fingertips to respond to your queries & guide you through challenging business issues. There are 2 levels of membership tailored to your needs & requirements: 𝗦𝘂𝗽𝗽𝗼𝗿𝘁 𝗼𝗿 𝗧𝗲𝗰𝗵𝗻𝗶𝗰𝗮𝗹 - Each month I provide a Newsletter including articles that discuss the impacts, insights & analysis of regulatory & compliance change & other happenings & news to keep you informed. I will be looking to offer more services to people within the General Insurance as part of the The General Insurance Compliance Academy I continue to offer my Corporate Compliance services to clients through Compliance Advocacy Solutions

𝗧𝗵𝗲 𝘄𝗲𝗲𝗸 𝗶𝗻 𝘁𝗵𝗲 𝗹𝗶𝗳𝗲 𝗼𝗳 𝗮 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗰𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝗻𝘁 (𝗶𝗻 𝗴𝗲𝗻𝗲𝗿𝗮𝗹 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲) With the pace of regulatory change & the complexity of financial services laws & industry codes, compliance never stops. 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 𝙧𝙚𝙫𝙞𝙚𝙬𝙨 This week I’m conducting compliance reviews of a couple of underwriting agencies. The reviews adopt a top-down approach ensuring that the business is set up for the future & that compliance is protecting the business, its customers, people & insurance partners. I really enjoy these reviews as I get to meet a lot of awesome people during the interview process. 𝙍𝙞𝙨𝙠 & 𝙘𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 𝙖𝙙𝙫𝙞𝙘𝙚 I’m also attending a quarterly risk & compliance meeting to provide an independent perspective. This service falls under compliance advice, where clients purchase a block of ‘advice’ hours, they always have me on tap providing views & insights. 𝘼𝙁𝙎 𝙇𝙞𝙘𝙚𝙣𝙨𝙞𝙣𝙜 I’m working on a few AFS licence variations having recently submitted a number of new applications to ASIC. I really enjoy the licensing work, assisting clients starting on a new venture or helping them to commence something new for their already successful business. 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 𝙙𝙤𝙘𝙪𝙢𝙚𝙣𝙩𝙖𝙩𝙞𝙤𝙣 I’m working on a number of tailored Risk & Compliance Manuals for clients and Authorised Representative monitoring and supervision programs for some of my insurance broker clients. Monitoring & supervision of ARs & other representatives has never been more important, even more so with FAR & CPS 230 just around the corner. 𝙏𝙧𝙖𝙞𝙣𝙞𝙣𝙜 & 𝙚𝙙𝙪𝙘𝙖𝙩𝙞𝙤𝙣 On Thursday I have my next monthly 3 hour virtual compliance training session. There are still a few spots remaining. Next week I’m off to Brisbane to host my in-person compliance workshop. You can register for these events here, under the training tab https://lnkd.in/fTuaVmV I’m also designing a training module for a TPA which I will present in a couple of weeks. Really looking forward to that. More & more general insurance clients are asking me to design their own in-house, fit-for-purpose series of financial services training modules. 𝙄𝙣𝙙𝙪𝙨𝙩𝙧𝙮 𝙥𝙖𝙣𝙚𝙡𝙨 & 𝙘𝙤𝙢𝙢𝙞𝙩𝙩𝙚𝙚𝙨 In addition, I’m continuing my work as an AFCA panel member, NIBA rule 3 disputes & as part of the 3 person GI Code review panel where we head off to Canberra next week. It presents as another very busy and enjoyable week.. but first a coffee

Top Risks of Consulting firms 🔴 Dissatisfied Clients Client dissatisfaction has plenty of potential roots in the consulting industry, such as: •      Cost overruns •      Missed deadlines •      Miscommunication •      Misrepresentation •      Strategy or planning issues •      Financial limitations •      Failure to deliver on expectations 🔴 Data Breaches •      Many consulting firms gain access to essential data to troubleshoot workflow or procedural issues. There is a significant amount of information being shared and stored.  •      Use the best cyber security practices by thoroughly reviewing the security protocol of any technology service provider.  •      Cyber insurance can also help to protect your business from the devastation of a data breach. 🔴 Unpredictable Markets •      A delicate balance exists between finding new clients and nurturing current ones. Monitoring the dynamics of new vs. current clients is a tricky feat but necessary. •      From late-paying clients to unplanned costs to irregular business, unpredictability is a genuine concern.  •      General liability (GL) insurance helps to protect your consulting firm against lawsuits due to third-party financial loss. 🔴 Property Damage/ Loss •      Consultants typically follow a particular strategy repeatedly, no matter what problems they’re trying to solve. It’s the firm’s unique and intangible creations borne from the human mind. This is called Intellectual Property(IP) •      Protecting this type of IP requires specialized IP insurance to guard against IP theft or infringement.  •      Property insurance can help mitigate loss or damage or tangible property. This coverage will reimburse you for losses or damages that you face without any legal situation triggering the policy. 🔴 Employee Issues •      Consulting firms rely solely on human thought processes to fuel their innovative engines. Therefore, people are crucial to the industry.  •      Consulting firm might face allegations of harassment, discrimination, retaliation, or wrongful termination.  •      Employment practices liability insurance (EPLI) is an added layer of protection from employee-related lawsuits.

𝗧𝗵𝗲 𝗹𝗶𝗳𝗲𝗰𝘆𝗰𝗹𝗲 𝗼𝗳 𝗮 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗶𝗻 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 & 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 When setting up my compliance business I aligned my services to the lifecycle of a typical MGA, TPA or broker. 𝘼𝙁𝙎 𝙇𝙞𝙘𝙚𝙣𝙘𝙚 - 𝙩𝙝𝙚 𝙩𝙞𝙘𝙠𝙚𝙩 𝙩𝙤 𝙥𝙡𝙖𝙮 In order to provide financial services you must hold an AFS Licence (or be appointed as an AR or rely upon an exemption). Depending on what you do - sales/underwriting, claims or broking you need specific Licence authorisations & conditions. 𝘔𝘺 𝘤𝘰𝘮𝘱𝘭𝘪𝘢𝘯𝘤𝘦 𝘴𝘦𝘳𝘷𝘪𝘤𝘦: I assist general insurance clients with AFS Licence applications & variations. 𝘼 𝙨𝙮𝙨𝙩𝙚𝙢𝙖𝙩𝙞𝙘 𝙖𝙥𝙥𝙧𝙤𝙖𝙘𝙝 𝙩𝙤 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 (& 𝙧𝙞𝙨𝙠) Whether you partner with local APRA regulated insurers or Lloyds underwriters or (as a broker) have a network of ARs or simply just do business - you will need a fit-for-purpose tailored compliance framework. The risk is that you will simply create a bunch of unrelated documents without generating the evidence or assurance (data) of compliance. 𝘔𝘺 𝘤𝘰𝘮𝘱𝘭𝘪𝘢𝘯𝘤𝘦 𝘴𝘦𝘳𝘷𝘪𝘤𝘦: I provide a tailored Risk & Compliance Manual (~ 40 pages) plus registers [& any other documentation] that assist you in managing risk & compliance in a systematic way generating data that evidences the adequacy of your arrangements, protecting your business, people, customers & partners 𝙏𝙧𝙖𝙞𝙣𝙚𝙙 & 𝙘𝙤𝙢𝙥𝙚𝙩𝙚𝙣𝙩 𝙥𝙚𝙤𝙥𝙡𝙚 Training is critical for your business & representatives to deliver your products & services in a compliant manner. 𝘔𝘺 𝘤𝘰𝘮𝘱𝘭𝘪𝘢𝘯𝘤𝘦 𝘴𝘦𝘳𝘷𝘪𝘤𝘦: I provide you with many options: 1. Corporate training - one-off facilitated training on AFSL, Code & Responsible Manager obligations or I develop your own in-house suite of compliance modules. 2. Individuals - I provide monthly on-line training courses convering compliance across the insurance industry. 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗮𝘀 𝘂𝘀𝘂𝗮𝗹 - 𝗴𝗿𝗼𝘄𝗶𝗻𝗴 & 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗶𝗻𝗴 As your business grows & evolves are your compliance arrangements keeping pace? Are your compliance arrangements adequate to achieve your strategic objectives in a highly-regulated environment? 𝘔𝘺 𝘤𝘰𝘮𝘱𝘭𝘪𝘢𝘯𝘤𝘦 𝘴𝘦𝘳𝘷𝘪𝘤𝘦 - I provide a top-down compliance review to ensure that your business is future-proof & well-placed to achieve objectives & manage the evolving regulatory & Code regime. 𝘽𝙪𝙨𝙞𝙣𝙚𝙨𝙨 & 𝙘𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 𝙢𝙖𝙩𝙪𝙧𝙞𝙩𝙮 At this phase of your business cycle you simply need to know who to go to for quick compliance advice when needed - a new distribution opportunity for or changes to claim process. 𝘔𝘺 𝘤𝘰𝘮𝘱𝘭𝘪𝘢𝘯𝘤𝘦 𝘴𝘦𝘳𝘷𝘪𝘤𝘦 - clients purchase 'compliance advice' hours so they always have me on tap. I also provide services for individuals. A quick question or more in-depth support & coaching. No matter what stage your business is at my compliance services are designed to meet your ongoing needs. Explore more here:

5 tips on assessing legal risks in your business Call me a legal risk and insurance nerd … But I love nothing more than helping inhouse teams, insureds and brokers with legal risk profiling Why? Because this process really gets to the root of the legal risk problem It allows a consideration of the most SEVERE and LIKELY legal risks in the business. AND 1. EXPOSES gaps in liability and indemnity insruance cover AND 2. IDENTIFIES opportunities for legal risk management Let me explain 5 tips to undertake this process - 1. The Risk Review - I usually start by obtaining risk registers, whether they are from within the legal, risk and compliance or the front line. Dig deep to make sure you get the best detailed information that exists. 2. The Insurable Risk Register - I like to use an Excel based document to record the various risks in the insurable risk register. Hit me up if you need a basic template at [email protected] I start by arranging one risk per row and categorise various risks by reference to director and officer liability, professional and E&O liability, public liability, cyber liability, employment liability and third party liability. Remember it’s a draft only to be discussed and narrowed in the workshop. 3. The Workshop - Whilst a workshop is not absolutely necessary - it is a very helpful tool to observe discussions between different stakeholders in the business (eg. Department heads) with varying perspectives and expertise. For efficiency, I like to send a description of each risk event to the personnel prior to the workshop to get them thinking. 4. The Insurance Gap Analysis - After completing the workshop I begin to apply the scenarios to the specific insurance policies as if they were an actual claim. This process is amazingly effective at identifying where gaps exist… You can then liaise with insurers or draft new clauses as need be to close gaps. I record these proposed actions in the spreadsheet as well. And The real value is identifying exclusions and definitions which are problematic OR maybe it is discovering uninsured extensions or policies that should be taken out. But the real key is working out an action to address an issue. 5. Other Actions beyond insurance - The process of substantiating legal risk scenarios and recording same also helps to identify other legal risk management that can be applied. For example, this may include redrafting contract terms or internal processes. The list is endless. The real benefit is legal risk management beingapplied around a likelihood and severity tool and therefore where it is needed! If your organisation is not undertaking insurable risk profiling and legal risk gap analysis - why don’t you start at your next policy renewal?

Ensure Your Compliance is in Order with Benchmark Compliance Managing compliance can be overwhelming, but Benchmark Compliance simplifies the process, ensuring you have all the necessary records in place and can manage them effectively. Why Benchmark Compliance? - Comprehensive Compliance Management: From ABN checks and GST registration to specialized licenses and insurance policies, Benchmark Compliance covers every critical aspect of compliance. We make sure your business is legally compliant, helping you avoid costly fines and operational disruptions. - Streamlined Record-Keeping: Our platform provides an easy way to maintain and manage all your compliance records, including Safe Work Method Statements (SWMS), Professional Indemnity Insurance, and Workers Compensation Insurance. You’ll have everything you need at your fingertips, making audits and inspections hassle-free. - Customizable Solutions: Benchmark Compliance offers tailored solutions that fit the specific needs of your industry—whether you're in construction, labour hire, or any field requiring rigorous compliance. We ensure that your compliance processes align with your business operations seamlessly. - Real-Time Compliance Monitoring: With our advanced access control solutions, you can monitor and enforce compliance in real time. This means no more manual checks—only compliant personnel and contractors gain access to your site. - Overlooked Compliance Made Easy: Many businesses miss out on critical compliance areas like hazardous substance registers, ISO certifications, and drug and alcohol testing. Benchmark Compliance ensures these often-overlooked areas are covered, protecting your business from unexpected liabilities. By partnering with Benchmark Compliance, you’ll not only simplify compliance management but also protect your business and workforce. Don’t let compliance be an afterthought—make it a cornerstone of your operations with a solution that’s as effective as it is straightforward. Get started with Benchmark Compliance today and safeguard your business effortlessly!

𝐓𝐡𝐞 𝟒 𝐏𝐢𝐥𝐥𝐚𝐫𝐬 𝐨𝐟 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 The purpose of compliance is to Protect Protect who? 𝘗𝘳𝘰𝘵𝘦𝘤𝘵𝘪𝘯𝘨 𝘤𝘶𝘴𝘵𝘰𝘮𝘦𝘳𝘴 & 𝘤𝘭𝘪𝘦𝘯𝘵𝘴, 𝘵𝘩𝘦 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴, 𝘪𝘵𝘴 𝘱𝘦𝘰𝘱𝘭𝘦 & 𝘱𝘢𝘳𝘵𝘯𝘦𝘳𝘴, 𝘴𝘵𝘢𝘬𝘦𝘩𝘰𝘭𝘥𝘦𝘳𝘴 & 𝘵𝘩𝘦 𝘤𝘰𝘮𝘮𝘶𝘯𝘪𝘵𝘺 Protect from what? 𝘩𝘢𝘳𝘮 𝘰𝘳 𝘥𝘦𝘵𝘳𝘪𝘮𝘦𝘯𝘵 - financial, reputational, loss of licence, lost management time, disqualification, systematic failures, industry mistrust, regulatory scrutiny, anxiety etc Compliance provides a safe environment to operate, providing [insurance] products & services to customers. It does not matter whether you are an APRA regulated insurer, an underwriting agency, an insurance broker, a Claims manager (TPA) or material service provider. A systematic approach to compliance is critical. 𝙃𝙤𝙬 𝙙𝙤𝙚𝙨 𝙘𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 𝙥𝙧𝙤𝙩𝙚𝙘𝙩? Think of a fortress, with inner & outer walls providing protection to those within. The 1st layer of protection is 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗮𝗿𝗿𝗮𝗻𝗴𝗲𝗺𝗲𝗻𝘁𝘀 - policies, process, procedures , systems, trained & competent people that combined, form 'a safe place to conduct business' The 2nd layer is 𝙋𝙚𝙤𝙥𝙡𝙚 - employees, authorised reps, material service providers are 'an early warning system' reporting things that penetrate the 1st layer. Such as incidents, complaints, breaches, control breakdowns etc The 3rd layer of protection is your 𝙈𝙤𝙣𝙞𝙩𝙤𝙧𝙞𝙣𝙜 𝙋𝙧𝙤𝙜𝙧𝙖𝙢 - 'providing assurance' to board, management & stakeholders. The final layer of protection is 𝘾𝙪𝙡𝙩𝙪𝙧𝙚 - 'a desire to do the right thing', knowing what the right thing is, how to do the right thing & doing something when things go wrong - when no one is watching. 𝗧𝗵𝗲 𝟰 𝗣𝗶𝗹𝗹𝗮𝗿𝘀 𝗼𝗳 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 It's critical that the layers of protection are underpinned by a strong foundation. These are the '4 pillars of compliance': 1. Governance & Frameworks 2. People & Culture 3. Procedures & Process 4. Systems & Reporting The 4 pillars of compliance, when combined, ensure a consistent, risk-based approach to compliance, with inherent oversight, monitoring & continuous improvement. The 4 pillars are used when: 1. Setting up & maintaining the compliance arrangements 2. Assessing the risk maturity of the arrangements 3. Managing regulatory change 4. Self-monitoring, highlighting potential areas of attention 𝙉𝙖𝙩𝙪𝙧𝙚, 𝙨𝙘𝙖𝙡𝙚 & 𝙘𝙤𝙢𝙥𝙡𝙚𝙭𝙞𝙩𝙮 A compliance framework, including the layers of protection & the 4 Pillars of compliance, is a conceptual, principle-based model that can be tailored to the nature, scale & complexity of any business operating within general insurance. The framework provides a compliance operating rhythm that is part of normal business operations with in-built early warning lights, self-monitoring, data-producing & continually evolving to meet consumer, regulatory & business standards & expectations. Send me a note if you would like to explore further.

𝐓𝐡𝐞 𝟒 𝐏𝐢𝐥𝐥𝐚𝐫𝐬 𝐨𝐟 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 The purpose of compliance is to Protect Protect who? 𝘗𝘳𝘰𝘵𝘦𝘤𝘵𝘪𝘯𝘨 𝘤𝘶𝘴𝘵𝘰𝘮𝘦𝘳𝘴 & 𝘤𝘭𝘪𝘦𝘯𝘵𝘴, 𝘵𝘩𝘦 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴, 𝘪𝘵𝘴 𝘱𝘦𝘰𝘱𝘭𝘦 & 𝘱𝘢𝘳𝘵𝘯𝘦𝘳𝘴, 𝘴𝘵𝘢𝘬𝘦𝘩𝘰𝘭𝘥𝘦𝘳𝘴 & 𝘵𝘩𝘦 𝘤𝘰𝘮𝘮𝘶𝘯𝘪𝘵𝘺 Protect from what? 𝘩𝘢𝘳𝘮 𝘰𝘳 𝘥𝘦𝘵𝘳𝘪𝘮𝘦𝘯𝘵 - financial, reputational, loss of licence, lost management time, disqualification, systematic failures, industry mistrust, regulatory scrutiny, anxiety etc Compliance provides a safe environment to operate, providing [insurance] products & services to customers. It does not matter whether you are an APRA regulated insurer, an underwriting agency, an insurance broker, a Claims manager (TPA) or material service provider. A systematic approach to compliance is critical. 𝙃𝙤𝙬 𝙙𝙤𝙚𝙨 𝙘𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 𝙥𝙧𝙤𝙩𝙚𝙘𝙩? Think of a fortress, with inner & outer walls providing protection to those within. The 1st layer of protection is 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗮𝗿𝗿𝗮𝗻𝗴𝗲𝗺𝗲𝗻𝘁𝘀 - policies, process, procedures , systems, trained & competent people that combined, form 'a safe place to conduct business' The 2nd layer is 𝙋𝙚𝙤𝙥𝙡𝙚 - employees, authorised reps, material service providers are 'an early warning system' reporting things that penetrate the 1st layer. Such as incidents, complaints, breaches, control breakdowns etc The 3rd layer of protection is your 𝙈𝙤𝙣𝙞𝙩𝙤𝙧𝙞𝙣𝙜 𝙋𝙧𝙤𝙜𝙧𝙖𝙢 - 'providing assurance' to board, management & stakeholders. The final layer of protection is 𝘾𝙪𝙡𝙩𝙪𝙧𝙚 - 'a desire to do the right thing', knowing what the right thing is, how to do the right thing & doing something when things go wrong - when no one is watching. 𝗧𝗵𝗲 𝟰 𝗣𝗶𝗹𝗹𝗮𝗿𝘀 𝗼𝗳 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 It's critical that the layers of protection are underpinned by a strong foundation. These are the '4 pillars of compliance': 1. Governance & Frameworks 2. People & Culture 3. Procedures & Process 4. Systems & Reporting The 4 pillars of compliance, when combined, ensure a consistent, risk-based approach to compliance, with inherent oversight, monitoring & continuous improvement. The 4 pillars are used when: 1. Setting up & maintaining the compliance arrangements 2. Assessing the risk maturity of the arrangements 3. Managing regulatory change 4. Self-monitoring, highlighting potential areas of attention 𝙉𝙖𝙩𝙪𝙧𝙚, 𝙨𝙘𝙖𝙡𝙚 & 𝙘𝙤𝙢𝙥𝙡𝙚𝙭𝙞𝙩𝙮 A compliance framework, including the layers of protection & the 4 Pillars of compliance, is a conceptual, principle-based model that can be tailored to the nature, scale & complexity of any business operating within general insurance. The framework provides a compliance operating rhythm that is part of normal business operations with in-built early warning lights, self-monitoring, data-producing & continually evolving to meet consumer, regulatory & business standards & expectations. Send us a note if you would like to explore further.

𝐓𝐡𝐞 𝟒 𝐏𝐢𝐥𝐥𝐚𝐫𝐬 𝐨𝐟 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 The purpose of compliance is to Protect Protect who? 𝘗𝘳𝘰𝘵𝘦𝘤𝘵𝘪𝘯𝘨 𝘤𝘶𝘴𝘵𝘰𝘮𝘦𝘳𝘴 & 𝘤𝘭𝘪𝘦𝘯𝘵𝘴, 𝘵𝘩𝘦 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴, 𝘪𝘵𝘴 𝘱𝘦𝘰𝘱𝘭𝘦 & 𝘱𝘢𝘳𝘵𝘯𝘦𝘳𝘴, 𝘴𝘵𝘢𝘬𝘦𝘩𝘰𝘭𝘥𝘦𝘳𝘴 & 𝘵𝘩𝘦 𝘤𝘰𝘮𝘮𝘶𝘯𝘪𝘵𝘺 Protect from what? 𝘩𝘢𝘳𝘮 𝘰𝘳 𝘥𝘦𝘵𝘳𝘪𝘮𝘦𝘯𝘵 - financial, reputational, loss of licence, lost management time, disqualification, systematic failures, industry mistrust, regulatory scrutiny, anxiety etc Compliance provides a safe environment to operate, providing [insurance] products & services to customers. It does not matter whether you are an APRA regulated insurer, an underwriting agency, an insurance broker, a Claims manager (TPA) or material service provider. A systematic approach to compliance is critical. 𝙃𝙤𝙬 𝙙𝙤𝙚𝙨 𝙘𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 𝙥𝙧𝙤𝙩𝙚𝙘𝙩? Think of a fortress, with inner & outer walls providing protection to those within. The 1st layer of protection is 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗮𝗿𝗿𝗮𝗻𝗴𝗲𝗺𝗲𝗻𝘁𝘀 - policies, process, procedures , systems, trained & competent people that combined, form 'a safe place to conduct business' The 2nd layer is 𝙋𝙚𝙤𝙥𝙡𝙚 - employees, authorised reps, material service providers are 'an early warning system' reporting things that penetrate the 1st layer. Such as incidents, complaints, breaches, control breakdowns etc The 3rd layer of protection is your 𝙈𝙤𝙣𝙞𝙩𝙤𝙧𝙞𝙣𝙜 𝙋𝙧𝙤𝙜𝙧𝙖𝙢 - 'providing assurance' to board, management & stakeholders. The final layer of protection is 𝘾𝙪𝙡𝙩𝙪𝙧𝙚 - 'a desire to do the right thing', knowing what the right thing is, how to do the right thing & doing something when things go wrong - when no one is watching. 𝗧𝗵𝗲 𝟰 𝗣𝗶𝗹𝗹𝗮𝗿𝘀 𝗼𝗳 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 It's critical that the layers of protection are underpinned by a strong foundation. These are the '4 pillars of compliance': 1. Governance & Frameworks 2. People & Culture 3. Procedures & Process 4. Systems & Reporting The 4 pillars of compliance, when combined, ensure a consistent, risk-based approach to compliance, with inherent oversight, monitoring & continuous improvement. The 4 pillars are used when: 1. Setting up & maintaining the compliance arrangements 2. Assessing the risk maturity of the arrangements 3. Managing regulatory change 4. Self-monitoring, highlighting potential areas of attention 𝙉𝙖𝙩𝙪𝙧𝙚, 𝙨𝙘𝙖𝙡𝙚 & 𝙘𝙤𝙢𝙥𝙡𝙚𝙭𝙞𝙩𝙮 A compliance framework, including the layers of protection & the 4 Pillars of compliance, is a conceptual, principle-based model that can be tailored to the nature, scale & complexity of any business operating within general insurance. The framework provides a compliance operating rhythm that is part of normal business operations with in-built early warning lights, self-monitoring, data-producing & continually evolving to meet consumer, regulatory & business standards & expectations. Send us a note if you would like to explore