Completing AGRiP's Recognition process is an opportunity for pool staff to fully examine their pool's policies and procedures, operational basics and best practice considerations. The Recognition process is guided by Advisory Standards, which are essentially a step-by-step guide for internal review of every aspect of a pool's activities, capturing strengths and identifying opportunities to improve.
The top three values cited by pools going through the Recognition process include:
- Educating pool staff on the basics of pooling and the inner workings of a specific pool
- Giving Boards operational intelligence to evaluate management and assure the Board is meeting its fiduciary responsibility to adequately oversee operations
- Advocating on behalf of pooling operations in a shifting regulatory environment
Southwest Washington Risk Management Insurance Cooperative recently achieved Recognition. Peggy Sandberg, Director of Insurance Operations at the pool, found the self-audit and review process extremely useful.
"Beyond financial indicators of pool health, AGRiP Recognition provides the benchmark of excellence for public entity pools. This rigorous examination in 11 key areas is a good way to reassure our board and members of the high quality of their pool. We are proud to display the plaque announcing our pool's Recognition," said Sandberg.
The Advisory Standards represent 78 best practice recommendations, spread across 11 operational categories - Government Regulations & Governing Documents; Staff & Service Providers; Member Services; Coverages; Funding; Financial Management; Business Continuity; Claims Management; Professional Development; Governance; and Ethics.
Once Recognition is awarded, it remains in place for three years. Pools vary in terms of how long it takes to complete the internal review, but once an application for Recognition is made it typically takes another 8-12 weeks of peer review and finalization. Approximately 40 pools across the United States have achieved Recognition to date.
Contact AGRiP if you are interested in learning more or to begin the application process.