Improvement at icare update: June 2021
icare has taken significant action since the release of the icare and State Insurance and Care Governance Act 2015 Independent Review Report by the Hon Robert McDougall QC (McDougall Review).
Since release of the McDougall Review Reports on 30 April this year, icare has reviewed the areas across the organisation that need improvement, including risk and governance, performance and culture and accountability and established a detailed program to meet all recommendations and findings of the McDougall Review and PwC's Independent Review of icare governance, accountability, and culture (GAC Review).
Further to this we are working with NSW Treasury to engage an independent assurance provider who will report to the State Insurance Regulatory Authority (SIRA) and Treasury on our progress. This quarterly reporting is expected to begin in October.
Work has commenced in key areas, including:
Improving risk and governance:
- new Speak Up hotline for employees
- new Risk Appetite Statement and new Chief Risk Officer.
Improving performance:
- changed thresholds for a dedicated case manager
- new Capital Management policies for Nominal Insurer and Lifetime Care and Support.
Driving an accountable culture:
- new Employee Culture & Engagement Council.
The change is significant, and is being undertaken with the highest priority, however it will take time to see all of the benefits.
Our key objective is to improve the way icare operates and interacts with our stakeholders and to ensure these improvements provide lasting change. This will strengthen our schemes and deliver better results for the people and businesses of NSW into the future.
