What does the Gilchrist Standard rating mean?
Your responses to the self-assessment review are analysed by our rating algorithm. This algorithm calculates a series of scores against a number of risk ratings across eighteen core sections that are linked to professional standards and conduct risk. The score generated is benchmarked against both an ideal and a Gilchrist Standard average, meaning that it is suitable for insurance brokers of all sizes. There is no pass or fail and the report and rating is not shared.
You will receive one of 3 ratings:
A Grade: typically represents a firm that is seeking to reach best practice standards. The audit process, while not exhaustive, has determined that the firm has a positive culture to raising professional standards and has a good level of understanding of conduct risk. The firm has made positive efforts to ensure that it has the right processes and controls in place.
B Grade: a good and reasonable standard. It is representative of the majority of the insurance broker population. The audit process, while not exhaustive, has determined that the firm is a good insurance broker and has made significant progress towards raising professional standards and can make further improvements and changes to their processes and controls to continue raising the bar.
C Grade: does not equate to 'bad' or 'poor'. It represents a firm with a greater potential risk of regulatory, legal or professional censure. Typically, the firm is a good insurance broker who has a good level of professional standards but it may not have the evidence or written processes to support this. A firm who obtains a C rating will benefit from receiving a list of potential risks identified and a list of suggested documents and written evidence that they should consider implementing.
Comparison Against Other Brokers
Your rating is linked to a numerical score and we will also highlight where you rank on a standard deviation chart against other brokers:
You will also see your potential improvement factors for each of the 18 sections against the arithmetic average of all scores to date: