Win Major Contracts with Integrated Management System ISO 9001

 

If you’ve ever questioned the need for integrated management system training, here’s an interesting exercise you can do. Simply type ‘integrated management system’ into News on Google and see what comes up. It reveals that Minsk, Iraq, Antigua, Jerusalem, and so many other countries throughout the world are training for, and achieving Integrated Management System ISO 9001 certification.

Increasing important globally, there is every reason to talk to a management system consultant soon and get you on the map.

If nothing else, an integrated management system just makes so much sense! Why try and manage a whole load of different systems when you can put them together and save time and money?

Guidance and tools

The ISO 9000 group of standards covers various aspects of quality management and contains some of ISO’s best known standards. The standards provide guidance and tools for businesses and organizations that want to ensure their products and services consistently meet customer’s requirements, and that quality is consistently improved.

ISO 9001 is the standard that covers Quality Management Systems (QMS) and it was last revised in 2015.

Whatever the size of your business or organization, whatever your industry, you can be certified for ISO 9001 – and more than a million organizations globally have already done that.

A key part of ISO 9001 is ensuring that your systems work, and your business performs internal audits to confirm that.

SMEs taking up challenge

Yearly surveys on ISO management system standards show a steady worldwide increase – and it’s not just large companies making that choice.

Increasingly in Australia, SMEs – small to medium-sized enterprises – are implementing integrated management systems and achieving ISO 9001.

One of the main reasons for this is that they might be supplying large companies that impose strict quality and environmental requirements on their suppliers.

And any business wishing to tender for government contracts will have to go down the same path, as government have strict environmental, quality and sustainability criteria to fulfill.

In most cases, these requirements can only be met by implementing an appropriate management system.

Management systems

All businesses, without even realizing, clearly have management systems, or they wouldn’t be producing and selling products and services. It’s the extent, management and success of those systems that we are looking at here.

A management system consultant will explain how your existing systems can be integrated with new systems with the right training, and how all stakeholders in your business will benefit.

Yes, it costs a little to establish and train, but the long-term cost reductions – not to mention increased efficiency and effectiveness – make it totally worthwhile.

The fact that it also shows commitment to quality, consistency, and employee and customer satisfaction is the reason why large companies expect it of their supply chain.

Maximizing resources

So instead of all these separate systems jogging along at their own pace, you bring them all together with the single aim of improvement.

Reducing risks, maximizing resources, it’s all possible when your management team can make one decision to cover all aspects of the business.

A management system consultant provides businesses with the knowledge and tools to implement and/or maintain their management systems, and achieve and maintain certification.

When choosing a management system consultant, always look for a company that achieves ‘first time’ certification, with Exemplar Global approved courses.

Competitive edge

Smart companies are realizing that combining their health and safety, environmental management and quality systems into one integrated management system is giving them the edge over some of their competitors.

And integrated management system training gives them the knowledge across all those areas to benefit their organization.

But that’s not all. These smart businesses are also enrolling employees on internal audit training courses, seeing the benefits of taking the system one step further.

This is all the more important following last year’s revision of ISO 9001, a change 5 years in the making.

Internal audit training courses cover auditing and reporting techniques, and helps decide what changes and improvements need to be made.

Training is generally provided through a mix of theory and practical workshops, presentations and role playing.

ISO 9001 is all about helping businesses adapt to a changing commercial world. It also establishes the necessary foundations for future growth and sustainable success.

Current legislation

Chair of the ISO sub-committee, Nigel Croft, said the 2015 revision of ISO 9001 brought it firmly into the 21st century, and was more evolutionary than revolutionary.

Less prescriptive than the previous version, it focuses on performance, and has been specially written for easier integration with other management systems.

Importantly, it has brought the Standard into line with current legislation and regulations.

New technology is resulting in higher expectations from customers and from businesses and far more complex global supply chains are coming to the fore. ISO say the only way to successfully manage these challenges is through Integrated Management System ISO 9001.

SEE ALSO: Bo Brower

Captive Insurance – does it fit in your strategy?

By Guest Blogger Bo Brower

What is a captive insurance company and how can a small business take advantage of a captive?

A captive is an insurance company established to insure the specialized risks of an affiliated business entity. It issues policies, collects premiums and pays claims.

A captive can be owned by one or more business owners and can be a financially efficient tool in managing risk. Businesses typically have a number of risks that fall outside of the underwriting guidelines of traditional insurance and these specialized risks may be insured through utilizing a captive structure to finance potential losses in a formal structure.

A captive must be formed as a C-Corp and can be domiciled in the U.S. or offshore. There are several ways to form a captive insurance company, including but not limited to: single parent captives, group captives, pure captives, self-contained protected Cells, risk-retention groups and producer-owned reinsurance companies.

The purpose of a captive is to insure risk that is currently being self-insured against by a business. Some examples of these risks may include deductibles, limitations of existing insurance policies, certain types of coverage that are unavailable through the commercial market, or difficult to obtain like deductible reimbursement, cyber risk, director and officers liability, litigation expense, or loss of key customers and suppliers, etc. A captive allows a business owner to have greater control in managing risk, controlling premiums and paying claims.

Tax Considerations

The risk management benefits of a captive are primary but there are also some key tax advantages as well. The 831(b) election provided by Congress permits a captive to receive up to $1.2 million per year in insurance premiums tax free. This means that the business paying the premiums can deduct up to $1.2 million per year for insurance costs, but that amount is not taxable to the captive. All investment income in the 831(b) captive is taxed at normal corporate rates (which start at 15%). When a captive is liquidated, its owners will pay tax on the gain at favorable long-term capital gains rates.

Who should form a captive?

A captive should be formed by those who carry above-average risk and have a long-term horizon for proper development and implementation of a captive. A captive can be a good solution for businesses in diverse industries. Some of the key industries that should consider a captive are physician groups, manufacturers, exporters and importers, construction-related professionals, oil and gas companies, commercial property owners, and transportation companies and dealerships.

Good candidates for an 831(b) captive will generally meet one or more of the following criteria:

• Substantial Self-insured/Uninsured

Business Risk

• 20+ Employees
• $10m-$15m+ Gross Revenue
• Pre-tax Profits of at Least $1.5m

Bo L. Brower is the President and Founding Member of Corprotect-Synergy, LLC. With over 15 years of experience in financial and personal consultation he has helped hundreds of clients position themselves and their posterity to have a better future. http://corprotect.com/ If you feel like you are a fit, or have more detailed questions regarding your specific situation, let’s get together.

Article Source :- “Captive Insurance – does it fit in your strategy?“

Bo Brower – The Name behind the Success of Corprotect

Are you looking for captive management services? If yes, then Corprotect is the first name that comes to mind. They are a leading integrated solutions provider with expertise in areas such as captive insurance and alternative risk. Their solutions are mainly offered to closely-held businesses. All their solutions are made in such a way that they work great in optimizing assets and controlling risks.

Services Offered by Corprotect

The services of Corprotect include –

• Captive management
• Risk Analysis
• Risk Consulting
• Captive Formation

Bo Brower

The President as well as the Founding Member of Corprotect is Bo Brower. He has helped a number of clients to have a better future with his more than 16 years of experience in the insurance industry. His unmatched skills can be seen in insurance services and risk management. He is a gentleman and loves to help businessmen/businesswomen with his expertise is solving critical risks. Bo believes that if people can focus on clarity and work toward being confident in whatever they do, then things would be different. It is only then when they would be able to enjoy things that they love the most.

Now let’s come to his academics. He studied in Davis High School, which is situated in Kaysville, UT. After completing this schooling, he went to Weber State University and got a BS degree in Sales and Marketing. He is multi-talented. He is not only a public speaker and an author, but also an active participant in his community as well as various other charitable causes. Apart from his successful professional life, he is a successful family man as well, living with his beautiful wife and children in Utah.

Are you fascinated by Bo Brower? Then get in touch with their team today!

Captive Industry Sees Solid Growth In 2015 And Looks For More In 2016

Numbers released for 2015 captive formations shows that captives are continuing to grow despite a lingering soft market. – Written by Karrie Hyatt

SUMMARY:

Since the beginning of the year, U.S. captive domiciles have been releasing results of captive activity in 2015. These results show that overall captive formation was strong even while pricing results for the property and casualty market were down. Captives are being formed all over the U.S. in both established domiciles and newly legislated domiciles and, according to industry insiders, 2016 is shaping up to be an even better year for the industry.

2015 NUMBERS

Quite a number of domiciles posted double digit gains in captives last year. Delaware led the way with nearly 200 new captives. At the end of 2015, the domicile’s total number of operating captives was 1060. Seventy-four pure captives were licensed, three special purpose captives and 112 series captives for a total of 189 last year. Series captives, as legislated in Delaware, segregate risks into subsidiaries all owned by a parent company. Over the last five years, the domicile has become a specialist in licensing and regulating this type of captive structure. The domicile is looking to continue expanding their captive program in 2016. Steve Kinion, director of the state’s captive program, said, “Our plan is to continue to offer a good captive product with firm and fair regulation. So we plan to have an equal number or more in 2016. Any good captive applicant is welcome in Delaware.”

Following Delaware is Utah, which licensed 66 new captives in 2015. The domicile added pure captives, cell captives and association captives to their roster. According to David Snowball, director of captive insurance in the state, “2015 was slower in growth than the prior couple of years which were very high years for growth. It was good to settle in at a more reasonable rate… It allowed us time to implement some efficiency measures such as developing an online annual reporting process as well as an online captive application process and establishing an online secure document upload process that is more efficient approach for providers and the Department.”

He also believes that 2016 is shaping up to be another big year for the department,

“WE EXPECT TO HAVE STRONG GROWTH WITH AT LEAST AS MANY [CAPTIVES] AS IN 2015, AND PROBABLY MORE. THERE WILL BE SOME EXTRA WORK TO ACCOMMODATE THE CHANGES IN THE IRS 831(B) ELECTION RULES BUT THAT ALSO WILL INCREASE THE NUMBER OF POTENTIAL CAPTIVES THAT WILL BE ABLE TO AFFORD THE CAPTIVE PROCESS.”

Tennessee and Nevada licensed 57 and 50 new captives, respectively. Tennessee saw a number of redomiciled captives – seven in total – which is the highest number the state has experienced. In Nevada, the domiciled nearly doubled the number of captives licensed compared to the prior year. Michael Lynch, captive director in Nevada, is pleased with the growth in his department, saying, “With 50 new captives, I feel we did very well.”

North Carolina followed closely with 42. One of the newest U.S. domiciles, North Carolina has been climbing the ranks of top captive domiciles. In 2015, the state licensed pure captives, protected cell captives, special purpose captives and risk retention groups. Since it began operation in late 2013 until the end of 2015, the domicile licensed 96 captives and 240 “cell business plans.”

Montana, Vermont and South Carolina garnered 38, 33 and 30 captives each respectively. These domiciles licensed pure captives, reinsurance captives, special purpose captives, sponsored captives, incorporated cell captives, association captives and risk retention groups. Eleven of Vermont’s new captives were redomiciled captives.

Domiciles that licensed between 10 and 30 captives last year were Texas (11), Hawaii (19), Washington D.C. (21) and Oklahoma (26). The types of captives licensed ran the gamut of captive structures, including cell and pure and also included risk retention groups (RRGs).

“We are pleased with the 21 new companies and also that this represented a mix of RRGs, pures and cell companies,” said Sean O’Donnell, director of financial examination for the Risk Finance Bureau at D.C.’s Department of Insurance, Securities and Banking.

He continued, “For 2016, we expect to continue to see growth in the protected cell [captive (PCC)] area. We have already licensed one PCC in 2016 and we have several prospects in the pipeline, both for new PCCs as well as the addition of more cells in existing PCCs. And we expect additional companies in other areas as well. We already licensed a pure captive and in 2016 and we have several prospects in the pipeline, including an RRG and several pures.”

<h4?how the=”” soft=”” market=”” affects=”” captive=”” formations<=”” h4=””>News of strong growth is good for the industry, especially since the property and casualty insurance market is still sluggish. Captives, like other alternative risk transfer insurance mechanisms, are typically formed as a result to a hardening or hard insurance market – when premiums increase and capacity narrow. Hard markets are hallmarked by less competition and strident underwriting. Higher premiums generally help to expand alternative risk transfer insurance marketplace.

Soft markets involve lower premiums, expanded capacity and stiff competition among traditional insurers. Because of the competition in the traditional insurance marketplace, alternative insurance system structures are not typically sought after as a way of saving money.

However, since 2007, the property and casualty sector has been experiencing a soft market with only occasional upticks. According to a recent report published by Marsh, U.S. Insurance Market Report 2016, rates have been softening since 2014 and look to continue softening throughout 2016. Yet, captive formation, among most U.S. domiciles, has not slowed at all in the last several years. Even with the surge in stateside domiciles, captives are still forming at an unprecedented degree during the continued soft market.

A reason behind this growth is that captives are becoming more wellknown and more trusted as alternative insurance providers. Other reasons are: regulation has become more sophisticated; captives have proven to be viable insurance mechanisms; and many more people, both inside and outside the insurance industry, are familiar with their uses. Even as the insurance market remains soft, captives are enjoying the fruits of their established success.

A hallmark of this trend is interest in RRGs. This alternative risk transfer mechanism does not necessarily have to be a captive, but most RRGs are regulated as captives by captive domiciles. RRGs are federally legislated insurance companies that provide insurance to their members. RRGs can operate in any state in which they are registered but can only be regulated by their domicile. More so than any other type of captive, RRGs are a bell weather for soft and hard markets – their numbers increasing during a hard market and falling off during a soft market. Since RRGs are typically owned by individual members (i.e. physicians, truck drivers, or non-profits), their operation is more in tune with the vagaries of premium rates.

Since the soft market beginning in 2007, RRG numbers have been in an overall slow decline. However, interest in RRGs and also in association captives, has been increasing in the last year. Tennessee, Vermont, Washington D.C., North Carolina and Hawaii all saw RRG formations in 2015. Several states have indicated that more RRGs are looking to form in the next year. According to Michael Lynch, captive director in Nevada, “I am seeing more RRG applications that I have in the past couple of years, also segregated cell applications continue to grow.” While this doesn’t necessarily indicate a hardening market, it does indicate that alternative risk transfer insurance is becoming an option for any type of insurance market.

Karrie Hyatt is a freelance writer who has been involved in the captive industry for more than ten years. More information about her work can be found at http://www.karriehyatt.com.

© Self-Insurers’ Publishing Corp. All rights reserved. – The Self-Insurer www.sipconline.net – Download Article

Foundation Highlights Captive Insurance Solutions

The Self-Insurance Educational Foundation (SIEF) today announced that it has released a new video highlighting captive insurance solutions for mid-market companies, including stop-loss captive programs, enterprise risk captives, and property & casualty group captives.