5 - Peer Review
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[00:00:00] T-Boss: Hey, Ryan.

[00:00:00] Ryan: Hey, Tiffany.

[00:00:01] T-Boss: Hey listeners, if you caught our committee episode, you'll remember Ryan putting me on the spot about our peer review. I gave the best answer I could, but I also promised to dig in and come back a little bit smarter. So I went full on director mode. I read the guidance for firms being reviewed and for reviewers, plus read GBA's latest articles.

[00:00:23] So today you're getting a clear, confident walkthrough of the peer review process, and it is one of the best GBA benefits there is.

[00:00:35] Ryan: All right, let me translate that for you. Color coded tabs everywhere. This episode is the how peer review works, why it matters, and what you'll actually experience in plain English with steps your leadership can schedule in your multi-year planning cycle.

[00:00:52] T-Boss: How did you know that I still like to print things out and color code them.

[00:00:56] Ryan: Old school.

[00:00:58] T-Boss: Yes, exactly. All [00:01:00] right, so what is peer review? Peer review is gbas structured confidential assessment of a firm's management practices. It's run by experienced principles from other firms. To help you improve on operations, communication, and risk management.

[00:01:18] It's flexible. It could be onsite or virtual. It is scoped to fit your needs and it's intentionally a come as you are type of program. The reviewers evaluate how your current policies are understood and how they're applied within your company.

[00:01:36] Ryan: And it's not just GBA talking. Back in '99 engineering news record named GBA's Peer Review one of the 125 most innovative developments in the prior 125 years. Talk about credibility.

[00:01:50] T-Boss: Yeah, when I saw that I was like, dang, that's pretty awesome. But GBA also drew on the American Institute of Certified Public [00:02:00] Accountants when they were building this. So the structure and confidentiality commitment are very well proven.

[00:02:09] Ryan: All right. How do you know if it's time for a peer review? If your firm's been sprinting new offices, new people, and you're starting to feel process cracks or retention Drag. GBA's playbook says that it's exactly when peer review earns its key no matter what you're dealing with. The GBA peer reviewers have likely had similar issues to deal with and can share how they addressed those issues.

[00:02:33] T-Boss: And it's designed to be low friction. It's scoped to you. You can have onsite or virtual, like I already mentioned, and it focuses on how your policies are actually working day to day across nine core management components, which we're gonna share in a second.

[00:02:50] Ryan: Bonus, it's voluntary. It's not a certification. No grades or labels. Just a structured improvement framework. Peers have views for decades.

[00:02:59] T-Boss: So, [00:03:00] practically speaking, you pick a team captain, you agree on scope, and the peer review team handles management of the process. From there, onsite interviews are typically two to three days, depending on the firm size, but the virtual interviews can be spread out over several weeks. Either way, the peer review team provides oral feedback plus typically a written report that firms can use as a planning tool.

[00:03:25] Ryan: And clients notice, peer review can be a marketing attribute and many insurers will offset costs. A tradition Tera help kickoff because better processes means fewer claims.

[00:03:37] So who reviews whom? Reviewers must come from outside your geographic marketing area. No poaching, no awkward overlaps. Everyone signs on to strict confidentiality and non-compete expectations. It's the foundation of trust for the entire process.

[00:03:53] Alright, Tiffany mentioned the nine core management components. These are the backbone of the peer [00:04:00] review process.

[00:04:02] T-Boss: Yeah, think of them as your management dashboard. Reviewers use interviews, file checks, and survey trends to highlight what's working, what's unclear, and what needs tightening. So what are those nine core management components

[00:04:19] Ryan: One. Business management.

[00:04:22] T-Boss: Two your facilities and your technical resources?

[00:04:26] Ryan: Three. Human resources management. Uh.

[00:04:30] T-Boss: Four, your professional development processes.

[00:04:34] Ryan: Five Project management,

[00:04:37] T-Boss: Oh, good one. You know I love that. Six. Your financial management.

[00:04:43] Ryan: seven marketing and sales.

[00:04:46] T-Boss: Eight. Your electronic resources management and processes.

[00:04:51] Ryan: And finally, nine. Image and culture.

[00:04:56] T-Boss: Love that. Okay, so next we'll talk [00:05:00] about the surveys. Before the interviews, the team collects structured feedback via two secure online surveys. One is a staff questionnaire and the other is a client questionnaire. The staff instrument is organized by headings you'll recognize from the core components and the client instrument focuses more on image, responsiveness, deliverables, budgets, schedules, and billing. Clients can keep their responses confidential unless they opt in and want to share them. So how do you apply and what does this cost? The application is pretty straightforward. Your CEO selects a team captain from GBA's List.

[00:05:43] You co-develop the scope and set dates with your captain. If your firm is Tera insured, you coordinate selection of the team captain with Tera, and you send a copy of the engagement letter to Tara for approval. Other carriers may have their own steps.[00:06:00] 

[00:06:00] Ryan: All right, and what does this cost? GBA charges a small administrative fee. Reviewers earn honoraria. And are compensated for any travel expenses. Many professional liability insurers help offset peer review costs. Ask yours.

[00:06:19] T-Boss: Okay. You paused at honoraria,

[00:06:21] Ryan: That's a weird word. I.

[00:06:22] T-Boss: uh, it, it is, that's another GBA word I swear. There's a GB, a little book that they keep on the shelf and say, what's a fun word that we can throw in here? But, you know, I had to look this one up when I saw it in their documents. So here's the definition. Honorarium means payment for professional services that are rendered nominally without charge.

[00:06:48] So basically, it's a fancy way of saying that GBA recommends an amount per day that you would pay them, but it isn't set in stone.

[00:06:59] Ryan: [00:07:00] Interesting.

[00:07:01] T-Boss: Yeah.

[00:07:02] Ryan: Hmm.

[00:07:03] T-Boss: So now that we got the fancy words outta the way, what does the process look like?

[00:07:08] Phase one, you decide and initiate. You obtain your peer review control number from GBA, you shortlist and pick your team captain and you confirm a comprehensive or focused scope.

[00:07:20] Phase two, you set the scope and surveys the peer reviewers, issue staff and client questionnaires, and the firm assembles a representative documents or brief memos where formal, where formal policies don't exist.

[00:07:34] Phase three, the interviews and office and lab reviews. You determine the interviewees you conduct onsite or virtual interviews. They tour the facilities or do a video walkthrough if it's virtual.

[00:07:49] Then the reviewers examine representative files and materials, including recent proposals and reports.

[00:07:56] Next you have an exit conference where you [00:08:00] preview sensitive topics privately with the CEO to keep the conversation productive, deliver oral findings to the CEO and selected leaders.

[00:08:12] Next, there's the written report and record handling. Most firms request a written report to consolidate observations and recommendations. To protect confidentiality review materials are destroyed by the captain after 30 days of when the report was submitted. What's the cadence for this many firms repeat peer review every four to five years to validate improvements and address changes in scale, leadership or services. And I can confirm that. 'cause like I mentioned in the other episode, I've been with SME 18 years and we've definitely done it three times since I've been there.

[00:08:51] Ryan: And a pro tip for you plan travel when you're gonna have onsite reviews so nobody leaves early. The exit conference is where the recommendations [00:09:00] land and alignment happens. Okay.

[00:09:02] T-Boss: Yeah, I can 

[00:09:03] definitely confirm that as I remember sitting through a couple of those exit interviews and I learned so, so much. Okay, so what should you pick onsite or virtual? On onsite gives you face-to-face facility tours, live file reviews, and dense interview blocks. Basically five to six interviews per day. Virtual spreads out interviews over several weeks to reduce disruption. Assist you with scheduling. You'll get a draft report first, then a virtual exit conference so you can digest the feedback and prep questions.

[00:09:42] Ryan: All right. What should you expect to have to do? Be candid. Your input stays confidential and anonymous. Poll representative project files and policies. Brief memos are fine, where formal docs don't exist. Include staff across all levels, and [00:10:00] invite key clients for survey input. Plan logistics, rooms, schedules, video platform, so interviews don't derail operations.

[00:10:11] T-Boss: Bottom line. Peer review is a proven way to strengthen how your firm actually runs across culture management, projects, finances, technology, and more without derailing your 

[00:10:24] day-to-day work.

[00:10:26] Ryan: If you haven't done one, or it's been more than five years, add peer review to your leadership agenda. Start by selecting a team captain, aligning scope to your priorities and choosing the onsite or virtual path that fits your operations. Show notes, have everything you need to kick it off.

[00:10:43] T-Boss: And that's a wrap, but we do wanna add a couple thank yous for this one. In preparing for this episode, we did read the updated peer review documents that will be linked in the show notes, but we also got some great input and assistance from David Sauls, the chair of the peer [00:11:00] review committee. And Bob Rabeler who's done tons of these peer reviews, so they both helped us make sure we got the details correct.

[00:11:08] Thank you guys. We appreciate it.

[00:11:11] Ryan: All right. Thanks to all of you for tuning in, and we will see you tomorrow for day four with one of our favorite topics.