A MANUAL is being created for the National Insurance Board (NIB) which will provide clear processes and principles for governing the institution.

Canadian consulting firm Morneau Shepell is putting together the document which is expected to be adopted later this year.

According to acting CEO Rhesa Cartwright the board and management undertook the initiative to strengthen the NIB’s governance framework

"The objective of the exercise is to develop a policy manual with properly established guiding principles and sound corporate governance processes to guide the conduct of the business of the board,” she said in a statement on May 31.

The manual will clarify the role of the board of directors in controlling and monitoring performance across the institution.

It will also define a more formal structure to empower managers to conduct business efficiently and effectively within clearly defined parameters and according to a commonly applied set of guiding principles.

The crafting of the manual will take into consideration various bits of legislation including the National Insurance Ordinance and Regulations, the National Audit Ordinance, the Public Finance Management Ordinance, the Public Procurement Ordinance, and the good governance principles as defined by the International Social Security Association.

During the consultancy firm’s first visit for the project in early May, meetings were held with Premier, Sharlene Cartwright Robinson, Minister with responsibility for National Insurance, the board of directors and the management team.

NIB management has also embarked on an initiative to develop a risk management framework for the institution.

Rhesa Cartwright said: "The board and management appreciates the importance of having a proper system in place to manage risk, including the identification and mitigation of various risk factors.”