Effective operational processes
Effective operational processes principles, minimum standards, guidance and advice.
Principle – Effective business processes and procedures
The managing agent has effective operational and business processes which enable it to meet its strategic aims.
Standards
The managing agent can demonstrate that –
- key operational and business processes are properly documented.1
- directors and staff clearly understand all the operational and business processes relevant to their role.2
- operational and business processes make good use of appropriate technology and industry and market standards.
- where possible, key systems are compatible with one another and with counterparties systems.
- outsourced operations and processes are properly controlled.3
- appropriate business continuity plans are in place.4
- appropriate credit control and management procedures are in place, especially for the collection of premium.5
- appropriate operational targets and key performance indicators are set and performance is reviewed and, where necessary, acted upon.
- adequate records have been kept.
- adequate resources, including human resources, are available to operate, maintain and improve operational and business processes.6
- adequate board attention and focus is given to the operational and business processes.
