Paul Smyth brings more than 35 years’ experience specialising in professional and financial lines insurance and is widely recognised for his depth of expertise in complex corporate risk.
Over the course of his career, Paul has worked with organisations ranging from professional services firms through to some of Australia’s largest companies. His experience spans the development of professional indemnity solutions for specialist industries, through to advising boards and senior executives on complex Directors’ & Officers’ (D&O) insurance programs.
Paul joins us following senior roles with Gallagher and Aon, where he built extensive experience in financial lines, placement strategy and the management of sophisticated corporate insurance programs. As leader of our Professional & Financial Lines Practice, Paul will work across the business to strengthen our specialist capability, support our teams and clients, and drive sustainable growth. His appointment brings significant technical expertise, market knowledge and senior client experience to the Practice.
Psychosocial Risk, Governance and the Emerging Insurance Gap in Aged Care
Psychosocial risk has evolved from a workplace health and safety issue into a significant governance, compliance and financial risk for aged care providers. Increasing regulatory scrutiny, workforce shortages, growing care demands and heightened community expectations require organisations to demonstrate effective management of psychosocial hazards.
All Australian jurisdictions now impose enforceable obligations to manage psychosocial risks, with regulators placing greater emphasis on prevention and organisational accountability. At the same time, psychological injury claims continue to rise and are often more costly and complex than physical injury claims. For aged care providers already facing workforce attraction, retention and wellbeing challenges, the operational and financial impacts can be significant.
Many organisations assume Workers’ Compensation will adequately respond to psychological injury exposures. However, common psychosocial risk scenarios may fall outside traditional Workers’ Compensation arrangements, including certain stress-related claims, matters associated with organisational change, governance decisions, regulatory investigations and related defence costs. As regulatory expectations evolve, these gaps can create unexpected financial exposures and increase organisational risk.
This presentation will examine the practical implications of Australia’s psychosocial risk framework for aged care boards, executives and operational leaders. Participants will gain an understanding of the key elements of an effective psychosocial risk management system, including hazard identification, risk assessment, worker consultation, implementation of controls and ongoing monitoring and review.
Common psychosocial hazards encountered in aged care environments will be explored, including excessive workloads, fatigue, workplace conflict, bullying and harassment, exposure to traumatic events and poorly managed organisational change. The session will also consider the emerging “insurance gap” and the role of risk transfer in supporting organisational resilience. Discussion will explore how insurance and other risk financing strategies may respond to psychosocial risk-related exposures, while recognising the limitations of traditional risk transfer mechanisms.
Particular attention will be given to the governance responsibilities of directors and officers, including the potential for personal liability arising from failures to adequately oversee psychosocial risk management. Participants will leave with practical insights to strengthen governance, review insurance arrangements, identify potential coverage gaps and improve organisational preparedness before a complaint, regulatory investigation or claim occurs.