The key to embedding compliance in your General Insurance business is 𝒑𝒆𝒐𝒑𝒍𝒆.
Leave the technical side of compliance to specialists such as myself & focus on your people.
1. 𝑻𝒉𝒆 𝒕𝒓𝒖𝒆 𝒑𝒖𝒓𝒑𝒐𝒔𝒆 𝒐𝒇 𝒄𝒐𝒎𝒑𝒍𝒊𝒂𝒏𝒄𝒆 𝒊𝒔 𝒕𝒐 𝒑𝒓𝒐𝒕𝒆𝒄𝒕
Don’t talk about laws or rules, not inspiring language. Talk about how compliance creates an environment that protects your customers, clients, people, the business, partners & other key stakeholders
2. 𝑪𝒐𝒏𝒏𝒆𝒄𝒕 𝒕𝒉𝒆 𝒉𝒆𝒂𝒓𝒕 𝒘𝒊𝒕𝒉 𝒕𝒉𝒆 𝒉𝒆𝒂𝒅
Everyone has someone like my elderly mum in ther lives. Mum lives by herself. She banks & buys insurance. Compliance is about protecting my mum & people we deeply care about. Involving the heart, brings about caring & caring brings actions
3. 𝑻𝒉𝒆 𝒑𝒐𝒘𝒆𝒓 𝒐𝒇 𝒔𝒕𝒐𝒓𝒚𝒕𝒆𝒍𝒍𝒊𝒏𝒈
A story about Paul’s mum is far more powerful than section 912(A)(1)(g)(ii). Use storytelling to sell the message of compliance.
4. 𝑬𝒗𝒆𝒓𝒚 𝒑𝒆𝒓𝒔𝒐𝒏 𝒉𝒂𝒔 𝒂 𝒑𝒂𝒓𝒕 𝒕𝒐 𝒑𝒍𝒂𝒚
Creating a compliance ecosystem needs everyone to actively play a part. From incident reporting to following the processes. We all have a role to play
5. 𝑬𝒎𝒃𝒓𝒂𝒄𝒆 𝒕𝒓𝒂𝒊𝒏𝒊𝒏𝒈
Train people on the why & how, & less on the technical. How compliance protects? How to identify incidents & complaints? Why should I care?
6. 𝑬𝒙𝒑𝒆𝒄𝒕 𝒕𝒉𝒊𝒏𝒈𝒔 𝒕𝒐 𝒈𝒐 𝒘𝒓𝒐𝒏𝒈
We are human & stuff happens that’s not supposed to. The role of compliance is to make it easy to identify, remediate & rectify when stuff goes wrong. It’s impractical from a business viewpoint to build a compliance system that 100% prevents things going wrong – unless you want to stop being human.
7. 𝑪𝒓𝒆𝒂𝒕𝒆 𝒂 𝒔𝒂𝒇𝒆 𝒆𝒏𝒗𝒊𝒓𝒐𝒏𝒎𝒆𝒏𝒕
If you want people to self-report & raise incidents & complaints promptly you need to create a safe environment for them to do so.
8. 𝑯𝒂𝒗𝒆 𝒂 𝒇𝒓𝒂𝒎𝒆𝒘𝒐𝒓𝒌
A framework provides a foundation to manage compliance in a systematic, risk-based approach. A fit-for-purpose framework supports & enables your people
9. 𝑫𝒐𝒏’𝒕 𝒃𝒆 𝒉𝒆𝒔𝒊𝒕𝒂𝒏𝒕 𝒕𝒐 𝒇𝒐𝒓𝒎𝒂𝒍𝒍𝒚 𝒓𝒆𝒑𝒐𝒓𝒕 𝒃𝒓𝒆𝒂𝒄𝒉𝒆𝒔
At a time of ‘naming & shaming’ don’t be hesitant when deciding whether to report a breach to ASIC or a Code Committee. Timely reporting is a feature of good compliance arrangements & being a responsible corporate citizen.
10. 𝑲𝒆𝒆𝒑 𝒄𝒐𝒎𝒑𝒍𝒊𝒂𝒏𝒄𝒆 𝒕𝒐𝒑 𝒐𝒇 𝒎𝒊𝒏𝒅
Compliance is not a set & forget exercise or annual activity. To truly embrace compliance as a way of working it must be top of mind. Do leaders walk the talk? Is compliance part of your regular team conversations? Can you access FAQs easily on your internet? Do you know the risks & controls in your area of the business?
𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐢𝐬 𝐚𝐛𝐨𝐮𝐭 𝐩𝐞𝐨𝐩𝐥𝐞
In summary, think less about rules, laws, clauses & sections & more about people.