Binders - How to Conduct Effective Audits
To discuss running this course in-house please contact us on 01327 858 292 or email info@ctp.uk.com
Binders - How to Conduct Effective Audits
“Managing agents should monitor binding authorities regularly throughout each year and carry out an annual review of each coverholder prior to renewal. Where a syndicate is leading a binding authority, the managing agent should also ensure that the coverholder is subject to an effective on site review.”
FSA Final Notice
|
Binding authorities present a significant area of regulatory and business risk
to delegating insurers and coverholders.
If you are a delegating insurer, how do you monitor your coverholders effectively? If you are a coverholder, what can you do to demonstrate you are acting in the best interests of the insurer and in compliance with FSA expectations?
Focusing on general coverholder activity, business models, internal controls, and system functionality, this one day workshop will provide valuable insights into how insurers and coverholders can provide assurance in this critical area or regulatory and business risk.
Topics covered include:
- Coverholder internal controls, management information,
and time-management
- System performance indicators, records, and data integrity
- Underwriting and Claims activity
- Coverholder business plans
- Compliance with binder restrictions
Using Lloyd’s requirements as the benchmark, this focused one day workshop will cover all the elements that constitute effective binder audits, with each element broken down into specific categories to provide clarity on good reporting structures.
Who should attend?
This one day workshop is suitable for
• insurer staff involved in binders as underwriters, claims handlers, audit reviewers, and managers
• brokers who act as coverholders
How will delegates benefit
By attending this one day workshop, you will:
• Understand the key elements necessary for effective audits
• See how categorisation provides clarity on audit data
• Learn how to evaluate audit data and apply it to decision making processes
• Be able to implement audit models tailored to specific needs
• Understand the fit of the FSA systems and controls and risk management requirements
Training Approach
This workshop uses a combination of trainer input, knowledge sharing with interactive syndicate work and case studies. Group size is kept to a maximum of 15 to facilitate sharing of experience amongst the delegates.
Course Leader: Charles Galloway
Charles Galloway leads CTP’s Insurance Sector training initiatives and his experience working in the insurance industry, in business and compliance roles, together with his extensive technical knowledge makes him a superb training consultant.
His early career was with Sedgwick’s as a broker and after 5 years he moved on to Jardine Lloyd Thompson as a Cargo Claims Broker. The arrival of GISC regulation prompted a career change into compliance. The arrival of FSA regulation involved Charles in creating the policies and procedures needed to achieve compliance. As Compliance Officer for JLT he was involved in all aspects of compliance from governance to procedures and implementing the risk management programme for the London Market. His team won the award for Best Client Care for their groundbreaking E&O programme in association with CMS Cameron McKenna.
Compliance training featured heavily in his remit and he developed and delivered events on topics such as Operational Systems and Controls, Market Reform, ICOB and Financial Crime. More recently he has been involved in reviewing Market Reform Contract templates for LMBC and the Market Reform Office.
Charles' comprehensive knowledge of market practice is combined with an ability to communicate complex topics clearly, and effectively facilitate groups at all levels. In his role with CTP he leads our public courses on topics related to the insurance market and assists senior management with governance, organisation and ARROW visit preparation.
Programme Outline
|
Session
|
Aim
|
Content
|
| Audit Scope |
To understand the full scope for effective audits, and how each element can be categorised for data clarity |
• Specific binder requirements
• Underwriting & Claims expectations
• Monthly status reporting
• Time-management & resource
• Support functions
• Financial standing
• Training & Development
• Corporate governance
|
| Audit Data |
To understand how audit data can be evaluated and applied to decision making processes |
• Delegating insurer requirements
• Lloyd’s requirements
• What the audit data is showing
• How to identify deficiencies
• The ‘best interests’ test |
| Structure |
To demonstrate how a clear report structure can help in the data review |
• Typical reporting structures
• What works and what doesn't
• A sample structure that's clear and effective
• What's important and why
• Time savings for tailored audits
|
| Understanding FSA Expectations |
Review the FSA Handbook elements that impact binder activity |
• The FSA Principles
• High level standards
• Prudential standards
• Business standards
• Redress
• Regulatory guides |
Money Back Guarantee
Corporate Training Partnerships offer a unique money back guarantee on all training courses.
We guarantee our training workshops or your money back. If you are attending a CTP event and are not satisfied by lunchtime of the first day, simply turn in your training materials and you will receive a full refund.
Attend one of our courses; then implement and use the strategies that you will learn and if you do not see measurable, tangible results in your performance then we do not deserve to keep your money - we will give you a full refund.
To book this course or discuss running this course in-house please contact us now on 01327 858 292 or email info@ctp.uk.com
Corporate Training Partnerships - Championing the Compliance Culture
Booking
To book online via our secure server (by credit/debit card, cheque or invoice), click here or alternatively call us on 01327 858307
Discounts
A Discount of 10% applies to members of the Compliance Institute. A 10% discount is also available for a booking of 3 or more delegates. The discounts are applied on booking.
|