Territory Stories

TIO Group Statement of Corporate Intent 1 July 2014 to 30 June 2017

Details:

Title

TIO Group Statement of Corporate Intent 1 July 2014 to 30 June 2017

Other title

Tabled paper 992

Collection

Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT

Date

2014-08-21

Description

Deemed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

Publisher name

TIO Group

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C01121

Parent handle

https://hdl.handle.net/10070/274964

Citation address

https://hdl.handle.net/10070/424707

Page content

Key Controls & MitigationsRisk Underwriting manuals and rates; specialised underwriters; management strategies and practices actuarial pricing review, corporate risk assessment for workers compensation exposure; systematic quality and compliance review. Consistency in processes applied across all key areas. Internal audit role implemented, with audit framework implementation in progress. IT infrastructure outsourced. Centralisation of IT applications and development. Formulation of an IT Strategy, Architecture Framework and Development Plan. Diversification of the reinsurance panel; compliance with the Reinsurance Management Strategy; utilisation of a reinsurance broker; monitoring reinsurer financial status; underwriting and claims control; multiple business lines. Negative impact on statutory classes Monitoring of ongoing developments; engaged in from national regulatory change contributions through the Heads of CTP and WC forums; participation on the NT WC Advisory Committee; factoring the potential for national harmonisation impacts in advance into the Territory's scheme changes. Actuarial analysis of potential changes in advance. Net Interest Margin (NIM) squeeze Systematic Interest margin analysis; interest rate reviews; due to costs of liquidations / deposits wholesale deposit margin reviews; movements in bill and swap rate reviews; loan funding policy framework; home loan growth plan and retail deposit plan. People - inability to attract or build Specific controls to ensure that TIO attracts, builds capability the right people capability and retain and retain its employees. TIO Brand leveraged in all local and talent requirements for the future national advertising. Performance and Development framework. Pay for Performance bonus programs. Annual employee engagement action plan and communication program in place. 3 Year Remuneration strategy targeting general market alignment in place. Poor business recovery management Business Continuity management charter, plan, sub-plans. Annual exercise supported by expert consultants. BC Team comprised of representatives from across the business. Regular meetings to review and refine preparations. Poor capital management practices Insurance, Banking and the MAC scheme capital is controlled by the Board and NT Department of Treasury and Finance approved ICAAPs. Inappropriate underwriting Inefficiencies in the claim management processes IT System Major change in the reinsurance market or counterparty failure TIO Group Statement of Corporate Intent 12