Are there any tried and tested combined risk assurance model tools for the Public Sector on the market (combination of enterprise risk management, Governance and Internal Auditing). Opinions on whether going this route are worth the while will also be a great assistance.
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Hi,
I just can talk about my personal experience, about 30 years, in this field.
We found that there is only one rule in the public sector concerning assurance and/or assurablity: There are no rules.......!!!
Every new government taking office has their own ideas. Now, populist trends uses, and abuses, of insurance and reinsurance markets as fresh cash available for their own purposes. Just see Argentina´s case and their block to buy international reinsurance....unbelivable.
What is possible is to convince major state owned companies and public works ministries to take in account catastrophic risks (In our car, Chile., earthquake is THE issue, just remember feb 27/2010 with 8,8 Richter degree). Cat bonds and major coverages are an usual product to be buyer. Most of the time through largest bids.
We take major lobby actions with public functionaries, but always they change every new election and so on. And in most of countries they expect to receive "something" due to its "efforts" (corruption is a good word for it).
Even public sector appears as a major league insurance buyer, in the medium and long term. And at least in South America we decide to stop our collaboration with them: Too much time consuming and efforts deployed with poor results from Mexico to the Cape Horn.
I would be surprised to learn from other experiences in countries closer to our state of development.
Best.