Professional Indemnity Insurance (PII) covers organisations for compensation claims made by clients or other third parties. The FCA explains: 

“Professional indemnity insurance (PII) is liability insurance that covers firms when a third party claims to have suffered a loss, usually due to professional negligence.”

In order to obtain insurance, someone with sufficient seniority at an FCA-regulated firm (e.g. a principal, partner or director) would normally begin by completing a form for an insurance broker. The form will then be used by the insurer to calculate the cost of the premium. Some of that information should be readily available to the person submitting the form, such as the type of services the firm provides, as well as its overall income. 

However, there are questions that are used to calculate a firm’s risk profile that a senior manager may not be able to answer immediately. That is because the answers to these questions will be based on information spread throughout the firm, rather than held by any one individual. There are practical challenges in collecting such information from employees, which we will address below. But first, we will look closer at PII as it applies to financial service firms. 

In September 2020, the International Standards on Quality Management approved the ISQM 1, ISQM 2 and the International Standard on Auditing (ISA 220 Revised).

The three Quality Management Standards are the culmination of the response of the International Auditing and Assurance Standards Board (IAASB) to a series of high-profile audit failures. The new standards are a response to the changing environment, the challenges of the effectiveness of our pre-existing quality control standards, and growing market participant needs. It will result in a set of standards that are aimed at a more robust System of Quality Management for firms.

What is the difference between traditional diversity and harassment training and bystander intervention training?

Organisations have been trying to address sexual harassment and diversity and inclusion training for decades now, but the efforts have been largely unsuccessful. In recent years, the need for effective training has come to light again as a result of the widespread sexual misconduct allegations that inspired the #metoo movement, and a more diverse workforce than ever. 

An organisation that embraces a culture of diversity, equality and inclusion has a better chance at sustainable success. But what’s the best way to create a work culture in which everyone, from the CEO to the managers to all employees, embraces diversity and promotes equality? What is the best way to effectively train on respectful engagement with others?

Experimentation and research (mainly conducted on university campuses and in the military) have shown that while traditional diversity, inclusion and harassment training is largely ineffective and can even aggravate existing problems, a different method, known as bystander-intervention training, is more effective.

Diversity has become an important component of a successful business, and employers have a responsibility to ensure a culture where people from all backgrounds feel welcome. But what’s the best way to create a work culture in which everyone, from the CEO to the managers to all employees, embraces diversity and promotes equality? What is the best way to effectively train on respectful engagement with others? What about training for managers; what is the most effective way to make managers aware of their responsibilities, with training that does not feel judgemental?

VinciWorks is excited to announce it has released a new, innovative diversity suite that will provide solutions for all of these issues and more. The new suite includes four different courses, each with a different focus.