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Establishing Compliance and Governance Arrangements

Once authorisation has been granted, attention often turns immediately to winning business. However, the firms that tend to scale successfully are those that establish clear governance and management routines from the outset.

Governance should not be viewed simply as a regulatory obligation. Effective governance helps management make informed decisions, identify emerging risks and maintain focus on customer outcomes as the business grows.

Key Considerations:

One of the most important decisions is determining what information management should regularly review. Many successful brokerages build simple but effective management reporting covering:

  • Revenue and pipeline performance.
  • Customer retention.
  • Complaints and customer feedback.
  • Insurer relationships.
  • Compliance activity.
  • Staff performance and development.

As the business grows, management information becomes increasingly valuable in helping identify trends and opportunities before they become larger issues. External support may also play an important role. Many growing firms continue to use outsourced compliance, HR or financial expertise while deciding whether to build additional in-house capability.