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GRC Professional : GRC Summer 2012
IN THE OFFICE 26 GRC Professional • Summer 2012 Case study: National Transport Insurance Louise Corica, winner of the 2011 ACI Compliance Professional of the Year, shares her compliance journey so far and the processes she has put in place for the road ahead. BY KEELI CAMBOURNE LOUISE CORICA ADMITS SHE LIKES a challenge. In her early career Corica was one of the few women working in the mining industry as assistant company secretary and administration manager, liaising with sites in Australia on all corporate governance matters including insurance for big trucks, leases, and supply agreements. So it was little surprise that her work with the National Transport Insurance Limited (NTI) was thorough, meticulous and innovative – and earned her this year’s ACI Compliance Professional of the Year. What caught the judges’ eyes in this year’s awards was Corica’s integration of existing systems with new ideas and innovations to help educate and support NTI employees – and doing it all while working on a part- time basis. Career history With the downturn in mining in 1997, Corica moved into the growing financial services sector. “I worked with a managed funds company for five years, helping to make its application for its licences as part of the Managed Investment Act 1999,” Corica explains. From there she moved into the role of assistant company secretary in the legal, risk and compliance division of another managed funds company. “It was all learning on the job. ASIC at that time was the watchdog, and it had a very good mandate. It was breaking new ground in regards to licensing after the HIH debacle, and I was studying law, and specifically corporations law at the time so it had that ‘wow’ factor,” she says. “Starting in the company secretary role during this implementation phase was exciting. The ASIC and APRA audit that followed once it was implemented wasn’t easy, however the regulators worked at developing an open relationship with us and that was so helpful.” It was that business approach – communication, approachability and openness – that Corica took with her when she was asked to join NTI in 2007. NTI is Australia’s largest transport insurance specialist providing comprehensive insurance coverage for transport operators in the heavy commercial motor market. Corica started with NTI in 2007 with the key responsibility of ensuring that NTI people maintained appropriate energy, expertise and focus on compliance. “The compliance and risk management program is the key platform for NTI’s Corporate Governance program. My role as compliance manager drives the management of compliance and risk policies, procedures, systems, internal controls, legislation and associated regulatory developments as they affect the NTI business,” she says. “The Chief Financial Officer challenged me to come up with concepts that would keep compliance fresh and interesting.” What caught the judges’ eyes in this year’s awards was Corica’s integration of existing systems with new ideas and innovations to help educate and support NTI employees.
GRC Spring 2011
GRC Autumn 2012