ou are a risk manager for TBS DAC, an insurer. Over the last three years, TBS DAC has seen an increasing trend of complaints across several of its operating departments, including:

New business quotations have a slow response time, leading to customer and intermediary complaints.

Policy documentation is often inaccurate and issued late.

Claims target settlement dates have been missed routinely.

Commission statements to insurance brokers are often incorrect, leading to an increase in accounting queries and delays in premium collection.

You have been tasked by the Board to review TBS DAC's current risk management practices.

a) Identify, with justification, one risk management issue, including the type of risk involved, that arises from each of the complaints identified above. (8 marks)

B) Discuss how risk management practices can assist the future management of these trends for TBS DAC. (12 marks)