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GRC Professional : GRC Summer 2012
27 Fresh ideas Corica says her key task on joining NTI was to try and make all employees aware of their responsibility in regards to compliance, especially with the development and implementation of a new insurance broker and authorised representative account system. “I was lucky that each division of NTI has its own specialist I could speak to about underwriting, claims, insurance and other matters. I came from a background of managed funds that has a much more complicated regime, whereas NTI is very much in a niche market,” she says. Her experience of open communication and free-flow of information with ASIC and APRA led Corica to make this a business mantra in her new position. “It’s important to be approachable and that does take time in any organisation,” she says. Perfecting policy Even before making changes to existing compliance features, Corica had to familiarise herself with the specific laws to which NTI had to comply, including: • Financial Services Regulation; • Corporations Law; • Privacy Laws; • Competition and Consumer Law; • Insurance Contract Law; • ASIC regulatory guides; and • the Financial Ombudsman Service Terms of Reference and Code of Practice. As the business was going through an expansion at the same time, Corica’s task expanded too, with new systems that IT were implementing to keep up with new information. “I was fortunate that the IT director sat down and talked with me about the system they were developing. This helped me understand the overall approach to the new system. All divisions across the business had input into things like regulatory X I was lucky that each division of NTI has its own specialist I could speak to about underwriting, claims, insurance and other matters.
GRC Spring 2011
GRC Autumn 2012