Develop a comprehensive plan to bring greater awareness around risk and compliance at Yellow Insurance Company. The plan must include:
1.Your targeted audience
2.Planned initiatives and timelines for execution
3.Modes of communication
Yellow Insurance Company is required to communicate to all clients regarding their policy. In particular, this is done when a policy either has lasted or is cancelled. In June 2020, an Incident Report was completed by an Issuance Processor-Jane Doe and was subsequently submitted to the Risk and Compliance Department. In the report, Jane informed that she discovered on June 1, 2020 while running her monthly report for her supervisor, she realised that communications for policy cancellations were not sent for the past three weeks. As the Risk and Compliance Manager you are required to:
1.Provide a detailed step by step approach you will use to investigate this matter
2.You are required to outline the potential risks to the department/organization
3.Provide recommendations to mitigate any future risks.
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