Coverage Register
Every line of cover ยท Statutory

Workers compensation

Medical costs, weekly payments and lump sums for employees injured at work or made ill by it, under the scheme of the state or country where they are employed.

statutory Statutory in every Australian state and territory (in some run by the state fund, in others by licensed insurers), in New Zealand through the accident compensation scheme, and in most US states; the premium is set by the scheme's formula and the limit is the scheme's benefits.

On the schedule

Also calledworkers comp, WorkCover, workmens compensation
FamilyStatutory
Responds whenAn employee is injured at work or contracts a work-related illness.

Which industries carry it

Usually held byFood manufacturing, General manufacturing, Logistics and warehousing, Construction, Professional services, Software and SaaS, Healthcare provider, Retail, Hospitality, Mining and resources, Agriculture, Education, Financial services, Non-profit, Energy and utilities, Transport, Wholesale distribution, Media and marketing, Public sector
Often needed, often lackingProperty owner

Standards this line engages

4 clauses

Clause text quoted from a human-verified compliance corpus under licence. Clauses marked for APRA-regulated buyers or US insurance licensees appear on a register only for those buyers.

ISO 31000 6.3.3 External and internal context

Guidance: the external and internal context is the environment in which the organization defines and pursues its objectives. The context of the risk management process should be established from an understanding of that environment and should reflect the specific environment of the activity the process is applied to, because risk management happens in the co...

Evidence an auditor accepts: Context statement for the assessment, drawing on the external and internal factors of 5.4.1; Link from the assessment context to the organizational context used for the framework
Common gap: Context copied from the enterprise level and not adjusted to the activity
ISO 31000:2018 on compliance.theartofservice.com
ISO 31000 5.4.3 Assigning organizational roles, authorities, responsibilities and accountabilities

Guidance: top management and oversight bodies should ensure that the authorities, responsibilities and accountabilities for every relevant risk management role are assigned and communicated at all levels of the organization. In doing so they should make clear that managing risk is a core responsibility rather than an add-on, and should identify the individua...

Evidence an auditor accepts: Named risk owners for each significant risk; RACI or equivalent assignment of risk management roles and authorities; Role descriptions and delegations that carry risk accountability
Common gap: Risks recorded without an owner, or owned by a committee
ISO 31000:2018 on compliance.theartofservice.com
COSO ERM principle 2 Establishes Operating Structures

The organization establishes operating structures in pursuit of strategy and business objectives.

Evidence an auditor accepts: Org chart; Delegation of authority matrix; Operating model documentation
Common gap: Outdated org structure
COSO ERM 2017 on compliance.theartofservice.com
COSO ERM principle 5 Attracts, Develops, and Retains Capable Individuals

The organization is committed to building human capital aligned to strategy and business objectives.

Evidence an auditor accepts: Talent strategy document; Succession plans; Competency frameworks
Common gap: No risk-specific competencies
COSO ERM 2017 on compliance.theartofservice.com

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Employers liability