Page 31 - Annual Review 2015-2016

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Challenges this year Competitive advantage
dwf claimbase
Clients are taking a more risk based approach We adapt to and embrace risk by taking a GOVERNANCE
in terms of their suppliers, as shown by a commercial and intelligent approach. We
marked increase in the number of clients who truly understand what our risks are which dwf claimbase is a specialist claims
want to audit our business. In addition, client gives us the insight and backing to make management software product for the
insurance and legal markets.
questionnaires have created an increased timely decisions. This is essential to the way
interest in how we do things, which has meant we operate. As a business we capitalise on Our primary claim management extranet
that we have had to define our activities in order opportunities and move forwards at a fast pace. applications are used by thousands of
to respond to these requests accordingly. None of which would be possible without a solid individual end-users in the professional
indemnity claims market.
framework from which to operate.
These requests are undoubtedly resource Additionally, we have many hundreds
and time intensive and it can be disruptive We are happy with our level of risk because of users in other insurance market
when auditors are in the business. However, we are confident in the controls that we have sectors, such as Liability, Clinical
Negligence, Aviation and Goods
business excellence is part of our culture put in place. Our Risk Register, a traffic light
in Transit.
and knowing we are suitably prepared for the based monitoring system, is continually
audit means our teams are able to confidently We host these secure online
updated so we are always fully aware of the
claim management and reserving
embrace the process.
business’s risk status.
environments on behalf of our clients,
with our clients providing these services
External factors
to their business partners and other
As the legal sector continues to change at As our business continues relevant parties.
pace, the SRA are reviewing their Handbook, to expand, it is essential that
regulatory approach and Accounts Rules.
our approach to governance
This is periodically updated, and the 2011
adapts with it, in order to We will continue with the business excellence
update moved the regime from rules based agenda to push our strategy of business
remain fit for purpose.
to outcomes based. It is anticipated that the
improvement forward. To help with this, during
approach will remain outcomes based; as such
the next 12 months we will be appointing
there will be an increase in grey areas which has
Excellence Champions and seeking resource
the potential to increase risk. In response, we Future
in our international offices.
have invested in our in-house Risk Management
A business of our size is producing vast
team, so are well equipped to adapt our own
amounts of risk based information and data
approaches accordingly.
that needs managing. To better manage this,
we’re currently investing in the creation of
Brexit will also have an impact in time; many of
an intelligent risk management information
our industry rules and regulations are EU based.
tool. This is in progress with dwf claimbase
To manage this, the Risk Management and
which will provide access to enhanced MI and
Excellence team are linked into the DWF Brexit
improve our risk management processes. For
Committee, to keep aligned to the rest of the
long-term sustainability and risk management,
businesses’ plans to manage the implications
this will be a great step forward.
Brexit will bring.
Regulatory
Mandatory compliance
Backed by
ways of +
our values
working Business
improvement