You are the newly appointed Operations Manager for HOB plc, an insurer.
As part of your initial review of the business, you have conducted an internal audit that identified the following three key risk issues:
• New insurance product launches have not been completed on time or within budget.
• A high incidence of claims fraud, which is having a noticeable impact on HOB plc's profitability.
• The Regulator's latest report on complaints data shows HOB plc being amongst the worst performers.
The Board of HOB plc has asked you to minimise the future impact of these three risk issues.
(a) Explain, with justification, how HOB plc could minimize the impact of each of these three key risk issues.
(b) Explain, with justification, how these three key risk issues can be controlled in the future.