Promina subsidiary Vero Insurance has been recognised for its risk management practices at this year’s Australian Risk Management Awards.

The insurer won the category of Best Implementation of a Risk or Compliance Focused Strategy at the awards – which are organised by legal publishers LexisNexis. 

LexisNexis says Vero’s strong link between its risk management framework and business strategy helped it win the award. 

Vero Head of Portfolio and Risk Management Paul Muir says risk management is a “fundamental part of managing the operations at Vero”.

“A high level of communication exists throughout Vero in relation to risk management issues,” he said. “Reporting is firmly entrenched in Vero’s culture, we take a structured approach to risk appetite and control and have a centralised reporting system for risk and compliance issues, providing transparency in the process.”