Pay excess

Risk management

Claim Central Consolidated and its wholly owned subsidiaries (‘the Group’) believes good risk management practice is crucial to effectively managing operations, driving commercial outcomes and delivering investor value. Integrated risk management guides effective decision-making and enables the Group to focus on what matters, maximise opportunities and mitigate the likelihood or consequence of adverse outcomes.

Our approach to risk management has been developed in consideration of ISO 31000:2018 Risk Management Guidelines.

The Claim Central Consolidated Risk Management Framework (Framework) applies to all directors and employees of the Group and to all business activities conducted within the Group.

The Framework is the structure which supports and guides the processes by which risk is identified, assessed, managed, communicated and reported. The Framework also includes the mechanisms by which the Group articulates its commitment to risk management practices and oversees the effectiveness of those practices including the provision of assurance and continual improvement activities.

The Group approach to risk management is aligned with our core risk culture values of Respect, Acknowledgement, Openness and Transparency. Our risk culture values underpin the risk management principles upon which our Framework is based, and which are fundamental to creating and protecting value to deliver a satisfactory return to investors.

The Group is committed to the identification, monitoring and management of all material risks associated with its business activities across the company.

Robust, integrated and effective risk management is central to the Group’s broader governance and is fully supported by the Board and Executive Leadership Team. The Board and Executive Leadership Team are committed to:

  • Leading the integration of risk management into core business activities, decision-making and reporting requirements.
  • Making appropriate and adequate resources available to support and drive risk management activities.

Roles and responsibilities

The Group has adopted a three lines approach to risk management which promotes accountable decision-making and reinforces corporate and managements’ responsibility for identifying, understanding and managing the risks within their respective business areas of responsibility within the appetite set by the Board.


Board

The role of the Board is to approve the purpose, values, and strategic direction of the Group, guide and monitor the management of the Group in achieving its strategic plans, review, approve and monitor the Group’s risk management systems across its businesses, and to oversee overall good governance practices. To assist in discharging its responsibilities, the Board has established the Audit, Risk & Compliance Committee (‘ARCC’).


Audit, Risk & Compliance Committee

The ARCC has been established to assist with discharging the Board’s responsibilities in overseeing compliance with legal and regulatory requirements, the setting of the risk appetite of the Group, and overseeing the Group’s systems of internal control and its risk management framework. The ARCC operates in accordance with its charter.


Business Management

Management is responsible for identifying, assessing and mitigating financial and non-financial risks and issues in accordance with the Group’s Framework. Management monitors the effectiveness of their risk management mechanisms and controls at a business unit and operational level. Management across the Group are responsible for reinforcing and modelling the key behaviours required to maintain a strong risk culture. They are accountable for risk management outcomes, and day-to-day compliance, in their respective business areas and reporting material issues that arise.


Employees

It is the responsibility of all employees to identify, manage and communicate risks associated with their workplace activities.


Group Risk & Compliance

Risk & Compliance has carriage of the Group’s enterprise wide risk management framework. The Risk & Compliance reporting line is independent of business operations and reports to the Head of Risk, Compliance & Audit. Risk & Compliance supports the Board in the development and articulation of the Group’s risk appetite; developing and maturing the approach to risk management and risk reporting respectively; promoting and facilitating an integrated approach to risk management that is suitable to the Group’s size, complexity and operating model; supporting management with the implementation of the risk management framework and requirements; and reporting to the ARCC on the Group risk profile, emerging risks and other relevant material matters that may arise from time to time. Risk & Compliance also undertakes ongoing review and improvement of the risk function and Framework.


Group Internal Audit

Group Internal Audit is independent of management and the risk function and reports to the Head of Risk, Compliance & Audit. Group Internal Audit operates in accordance with its charter and is responsible for the development and delivery of a risk based internal audit plan. Group Internal Audit reviews, and reports to the ARCC on, the adequacy of the Group’s risk management systems and internal control environment, including the effectiveness of the second line.


Risk is inherent in our business, but it also brings opportunity. At Claim Central Consolidated we recognise that sound risk management is critical for building an innovative and growing business whilst improving investor and client confidence. Our philosophy is to strive to balance the risks and rewards in conducting business to optimise returns in accordance with our goals of delivering investor value, and commitments to clients, customers, employees, the community and other stakeholders with an interest in the Group.


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