I’m sometimes asked about the nature of work that I do or more accurately ‘what do your compliance services cover’. I thought it would be useful to share a ‘week in my life’.
At the heart of my services is the expert knowledge and advice I provide on compliance, specifically across general insurance, for firms that operate within that sector, typically:
- insurers
- underwriting agencies
- lloyds coverholders
- TPAs (insurance claim managers)
- insurance brokers
- service suppliers and providers
- claimant intermediaries
- distributors
Compliance is in respect of complying with financial service laws including those impacting AFS licensees, Authorised reps, Lloyds coverholders/security, APRA prudential standards, sanctions, privacy and the GI Code and Brokers Code of Practice. Including ASIC Regulatory Guides and other regulatory and Code materials.
In a typical week, my work will fall within 1 of the 5 following areas.
1. AFS Licensing
This is a broad category covering:
- new licence applications;
- variations to existing AFS Licenses such as to remove a key person condition, or add a new authorisation such as retail clients or claims handling; and
- changes to license, such as adding Responsible Managers.
Licence work is very rewarding as often it signifies a key milestone in the client’s journey. It is a privilege to conduct such work for my clients. Licensing work is time-consuming and requires information to be provided and presented in a manner as required by ASIC however I enjoy the opportunity to work for the client on such an important piece of work.
2. Compliance documents and frameworks
The documented evidence (as required under ASIC RG 104) is the output of the consideration of what a business is authorised to do, how it does it and developing an operating rhythm that provides:
- adequate compliance measures that manage the firms obligations (including under binder agreements or Auth Rep agreements);
- assurance to board, management, business partners (such as insurers) and regulators that obligations are being adequately managed;
- indicators of areas of potential concern; and
- data (incidents, complaints, control testing, monitoring etc)
The documents I provide are all individually developed and include:
- tailored Risk and Compliance manual (~ 35 pages, an all-in-one document that represents the business from a compliance perspective and can also be used as a training tool);
- Monitoring Program (monitoring employees, Authorised Reps, Distributors and/or Material Service Providers);
- Obligations register covering relevant (to your business) financial service laws, Prudential Standards and Codes. This enables you to assign key controls, accountability and control testing to your obligations
- Registers inlcuding complaints; incidents and breaches; conflicts of interest and training; and
- ad hoc, tailored policies & documents.
All documents are tailored to your business – what it does, how it does it and who does it.
3. Training and education
Training is becoming an often requested compliance service that I provide with delivery through online, face-to-face or a combination of both.
I really love engaging with your business and having fun and meaningful conversations with your people addressing compliance issues that are of concern (or confusing) to them.
All training is tailored to the business & their operating model and can cover:
- financial service laws for insurers or brokers or underwriting agencies or service providers;
- authorised representative training (ARs also have independent obligations);
- Complaints training including specific training for IDR teams;
- Identifiying incidents and complaints for front-line staff; and
- Responsible Manager training.
I also provide 3-4 full day compliance workshops each year. I have conducted 2025 workshops in Brisbane and Perth with the Sydney GI Compliance workshop on 23rd October.
4. Compliance reviews
Unlike traditional file-by-file audits, I conduct top-down, forward-looking compliance reviews to ensure that your compliance measures are adequate and evolve as your business and the landscape changes.
Clients love the fact that they obtain an independent view of their business with a prioritised, risk-based action plan over a defined period of time. The report can be provided in a manner so it can be shared with your business partners to provide assurance to them on the adequacy of your compliance measures in meeting the obligations that you owe to them.
The reviews can be scoped to cover specific functions such as complaints (IDR), claims, distribution, broker client engagement, authorised rep networks or Code compliance.
5. Compliance advice and ad-hoc compliance projects
Clients typically purchase blocks of compliance advice from me (usually 5 hours) and therefore have me on tap at any time to respond to their queries.
The best thing about the compliance advice service is that I don’t charge for advice that takes me less than 15 minutes to research or respond to. Generally therefore, the purchased block of 5 hours can last 4-6 months.
Some clients engage me to provide advice on a recurring basis covering:
- attendance at their quarterly risk & compliance meeting; or
- reviewing monthly marketing and advertising content.
I’m aslo engaged for one-off projects such as
- CPS 230;
- Remediation and rectification changes post a breach or regulatory review;
- Due diligence for new Authorised representatives or new binder arrangements
- Informed consents for insurance commissions;
- impacts of regulatory change on a business.
Newsletters, blogs, conferences and events
In addition to the above compliance services it’s also important for me to give back to the insurance industry. The insurance industry has been generous to me and a key part of what I try to do is share my compliance insights and knowledge across a wide variety of forums.
- Free Monthly Newsletter (register here);
- blogs;
- Attendance at Events and conferences.
The week in the life of a compliance specialist
The week in the life of a Compliance specialist is varied and exciting. One of the most enjoyable parts of my work is meeting and engaging with people from different backgrounds, experience, knowledge, interests and skills.
If you would like to explore any of the compliance services that I offer or how I can support you with your compliance needs please contact me, Paul Muir.
Disclaimer: Reproduction of statements made in this article by media outlets, whether in full or in part, is strictly prohibited without the written express consent of the author. The views, opinions, and positions expressed within this article are those solely of the author and Compliance Advocacy Solutions Pty Ltd and not the views of other individuals, companies or organisations they may be affiliated with. The author and Compliance Advocacy Solutions Pty Ltd make no representations as to accuracy, completeness, currency, suitability, or validity of any information in this article and will not be liable for any errors or omissions or any loss or damage arising from its use or reliance. This article is intended for educational and informational purposes only and should not be relied upon as professional legal advice.