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Corporate Liability Audit

Why do you need to audit?

Australia is strongly regulated and one of the most highly litigious countries in the world. Whether or not liability is proven, costs of defence can be crippling and legal costs continue to increase with every passing year.

The increasing frequency of claims shows the need for organisations to regularly review their liability exposures, maximise the quality of their controls to deal with these exposures, and ensure the adequacy and currency of insurance arrangements. By taking the time and effort to complete such exercises, management can improve operations by:

• improving management understanding of risks
• enhance present defences
• better quantify the type and amount of insurance needed
• convey a positive view of risk controls to insurers
• offer an expert and independent review of the risks facing your organisation.
   

Audits include reviews of:

• legislation to detail laws applying to an organisation or activity, such as OH&S or environmental legislation
• exposure to identify highly exposed persons or activities of high risk
• contracts to review liability and indemnity clauses which create or pass on exposures. These may arise from own or other party contracts

Such audits also consider all activities of the organisation including:

• property ownership/occupation to identify the risks of invitees, trespassers, neighbours, contractors
• general operation to identify the risks to staff, contractors and the public
• managing activities to identify the risks that create a personal liability to managers, directors and officers, such as discrimination, breach of Trade Practices Act 1974, environmental breaches
• professional activities consider the risk of failing to act to a level expected of a professional engaged in that profession
• trustees activities consider the risk of failing to fulfil duties expected of a person in a fiduciary position, such as Superannuation Trustees activities
• Liability audits also help to quantify the worst case scenarios in order to provide a better basis for selecting the limits of your insurance cover.
   

Once such audits are complete, Conte can then design, negotiate and effect insurance protection in local, national and international insurance markets.  For more information contact us today!