By Guy Parent
There's no need to start with a dictionary definition: after all, risk management forms the cornerstone of your profession as a broker or as the manager of an insurance firm. Nevertheless, at the risk of sounding old-fashioned, we would all do well to remember the famous saying: "Shoemakers are often the worst shod"!
Let me explain. You may be an expert when it comes to providing clients with solid advice on the best coverage for their property, but have you ever stopped to assess the risks associated with your own profession? Have you realized that a solution is at hand? Yes, you're right: your RCCAQ membership is designed help you to carry out this risk assessment function!
Intangible risks with major impacts
At this point, you might be tempted to say that you've already taken out errors and omissions insurance and that your firm's processes include a framework for effectively managing financial and operational risks. And that's a good thing! But when it comes to the risks overshadowing your profession and the entire brokerage sector, do you have the tools you need to anticipate, evaluate and address these risks before they end up affecting your professional practice or how you manage your business?
The answer is yes, you have the tools! That's a key part of the RCCAQ's job and that's what makes your membership so valuable.
You're right: we're not talking about insurance here. And yes, the comparison has its limits: defending your socio-economic interests is not quite the same thing as insuring property. And no, your RCCAQ membership doesn't guarantee that we'll win every single battle; it may actually require a degree of personal commitment on your part. So when the time comes, you may be asked to step up to the plate by sending your MNA or MP a letter, filling out a questionnaire or adding your name to a petition. But your RCCAQ membership means that you'll be a key part of the discussion, with a place at the table where the decisions are made. And yes, those decisions are bound to shape your future.
So it's a simple choice: would you prefer to watch from the sidelines or would you like to be part of the action? To put it bluntly, will the future of your profession be decided with you or without you?
It's true: you'll often find us discussing issues like Bill 188, the Bank Act, etc., simply because they're not going to be going away anytime soon. By the same token, risks won't disappear simply because your clients opted for the coverage you recommended. Sticking your head in the sand and hoping that everything will magically get better: you know as well as I do that the ostrich strategy never works!
With your help, there are a couple of things that have been changing, namely our sphere of influence and the strength with which we lobby the powers-that-be who regulate your work and define your operating framework. It's a simple question of mathematics: the more of us there are, the greater our collective impact, the louder our voices and the more victories we'll be able to celebrate!
A greater level of security
The RCCAQ offers a wide range of services, including comprehensive training, coverage for you and your firm (e.g. E&O, D&O and group insurance), as well as help navigating the day-to-day issues affecting your practice and information on our many initiatives and industry issues… it's a long list!
But as you already know as an RCCAQ member, our primary mission is to represent you effectively. Our role is to monitor the industry, anticipate issues and take action where needed. With your help, we've been battling on multiple fronts to defend your interests and make sure you prosper.
As mentioned previously, the issues of Bill 188 and the Bank Act are looming large. Take a moment and try to gauge the importance of these issues and how hard we've been working on them. Just imagine what the impact would be if no one was seated at the table fighting on your behalf with the decision makers.
Risk management is not a matter of luck. It's simply the desire to stop adverse events from happening and to take the necessary action to reduce impacts that would otherwise be significant.
You've already received information on renewing your RCCAQ membership.
Your future is at stake: please join in our efforts to safeguard the future of your profession!
