Compliance Services

for the Australian General Insurance Market

GSI provides the following services for General Insurance Brokers and Underwriting Agencies:

 

Start-up Assistance - Assistance in preparation and application for an AFS Licence and associated issues.

 

Compliance Audit/Review Services - Audits examine management and corporate governance systems for effectiveness and to ensure compliance with financial services legislation.  It examines the adequacy and suitability of systems for managing the business operations.

 

Areas that are generally incorporated are shown in this illustration, depending on requirements:

 

Included in our scope are the following:

 

  • People and service issues such as organisational capacity (including an overview of authorised representatives and outsourced provider arrangements)

  • Product research process and recommendations

  • Adequacy of Financial management (not a financial audit)

  • Business infrastructure issues such as risk management, IT, records management, business continuity and disaster recovery compliance and risk

 

We provide fully scored audit reports which include detailed written comments and recommendations for:

 

  • Observations made during the course of the audit

  • Recommendations for rectification of any areas of non-compliance

  • Recommendations for improvement opportunities, and

  • Constructive feedback to management, compliance and other staff

 

Best Practice Reviews – This process reviews the activity of brokers or underwriters and we can tailor the Terms of Reference to suit the requirements. Where required our methodologies can provide for a scoring system to enable the measurement of continuous improvement.

 

GSI will work with clients to define their own audit scope – we assess the areas they want to focus on and provide extra assistance when required. This can be a cost-effective solution for larger organisations.

 

Compliance Support – We partner with clients to provide the service where we work with our clients to provide the compliance services required (both on and off-site). They can include (but are not limited to) the following:

 

  • Ongoing monitoring of scheduled compliance activities

  • Scheduled teleconferences or meetings to review progress and provide any required guidance on compliance and best practice issues

  • Guidance in any required changes or updates of operating procedures, adapting to changes in legislation or best practice requirements

  • Assistance with training and implementation of new procedures, changes in the law, including briefing and updating Responsible Managers, broking staff

 

Authorised Representative Network Audit and Review Services – GSI can assist with the monitoring and supervision of Authorised Representatives (ARs).  This is a growing part of our practice as the recruitment and appointment of ARs by AFS Licensees is rapidly growing.

 

Our approach is to build the monitoring and supervision programme with the client, so we tailor our services in accordance with the client’s requirements. The areas we tailor are as follows:

 

  • The manner in which services are supplied - i.e. remotely or in person

  • The scope of the audits

  • The content of any Operations Manuals

  • Beyond audits, other methodologies that could be employed in the compliance approach

 

The following are some of the broad headings under which we regularly audit AR files:

 

Front Office:

 

  • Client Engagement

  • Advising

  • Arranging Insurance

  • Renewals

  • Lapses/Cancellations

  • Payments

  • Claims

 

Corporate Governance:

 

  • Business Activities

  • Compliance Culture

  • Compliance with Operations Manuals

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