Audit, Assurance, Risk Financing

Audit, Assurance, Risk Financing

Our services can be utilised as part of an existing audit process or as a distinct, one-off engagement and are designed to ensure our clients’ risk financing strategies meet their needs and are reflective of recognised best practice governance procedures.

We are able to challenge assumptions and provide insights into how governance strategy can be properly aligned to the achievement of business objectives, through the provision of appropriate risk financing programmes and supporting risk management activities.

Review of Insurance and Risk Advisers

A strong and healthy long term relationship between a client and its professional advisers will deliver significant financial and business performance benefits.

JPIC is experienced in undertaking reviews of the existing relationship between an organisation and its insurance and risk advisers, including insurance brokers, risk engineering consultants, reinstatement valuation surveyors and claims managers.

We are particularly experienced in undertaking reviews of insurance broker services within an existing relationship, where we audit the services provided against the specific needs of our clients and recognised best practice standards.

An insurance broker audit enables our clients to determine the value and efficacy of the relationship and to make changes, where necessary, to ensure they continue to support their future needs.

JPIC’s approach is to measure an adviser’s performance against the needs of the client, agreed contractual obligations and market best practice standards. We also provide an objective overview of the client’s engagement with its adviser, which is an important element of a successful relationship.

Collaborative and confidential, a JPIC independent insurance review ensures the continued health of this important business relationship.

Risk Financing Strategy Reviews

Business goals and corporate risk profiles evolve over time and it is important that an organisation’s approach to the financing of risk and risk management is reflective of these changes.

The JPIC independent insurance and risk financing review helps clients to develop insurance and risk management strategies that are aligned with the achievement of their key business objectives and are reflective of recognised insurance market best practice approaches.

Our approach is to work with our clients and, where appropriate, their advisors, to ensure their risk profiles and appetite for risk are properly understood and this information is actively used to inform risk financing strategies.

We also help with the implementation of risk financing strategy, working with our clients, their internal stakeholders and the insurance market, to ensure successful delivery of the agreed objectives.

The JPIC independent insurance and risk review allows organisations to understand better their needs, how the insurance market can respond to those needs in the most cost effective and efficient way and importantly, the circumstances in which insurance is not the solution.

Professional Adviser Tender Management Services

JPIC is a market leader in the provision of tender management services to clients who seek to ensure the support and guidance provided by their professional advisers, including insurance brokers, risk engineering consultants, reinstatement valuation surveyors and claims managers, align with their specific objectives and reflect best practice standards.

Our ability to identify the needs and expectations of our clients, together with an in-depth knowledge of the professional adviser marketplace, ensures that each and every tender we manage achieves the pre-agreed objectives and is delivered on time, with minimum disruption to our client’s day to day operations.

We provide a full range of tender management services, which include the following key activities:

• Working with our client to determine the tender objectives (what success will look like at the end of the project)
• Advising our client on the appropriate tender methodology to adopt to ensure successful outcomes
• Producing the Request for Proposal documentation
• Supporting our client in the decision as to which brokers to invite into the tender process
• Project managing the tender process, including managing the interface between our client and the tendering brokers during the process
• Developing an appropriate scoring matrix to support the broker appointment decision
• Facilitating the appointment decision.

At the conclusion of a JPIC managed professional adviser tender, our clients are able to make fully informed and objective appointment decisions that will provide long term benefits to their businesses.