A Dutch insurer wanted to tighten up its internal control and make it more verifiable. As part of a larger project team, we played a central role in this by mapping out the processes, risks and controls. This inventory was the basis for an improved Financial Reporting Risk Framework that focuses on the entire financial value chain – from application to financial settlement. Additional challenge: a very tight deadline.
We worked out processes in brown-paper sessions and workshops. We used the results as a starting point for the risk assessments. By bringing together people from different layers of the organisation, we created an integrated overview of processes, risks and controls in a short period of time. In addition, we supported the organisation in (re)designing and implementing existing and new controls. We also provided organisational advice and support in preparation for the external auditor’s semi-annual audit.
The combination of our industry knowledge, risk management expertise and auditing experience allowed us to work quickly and efficiently to speed up the process. The result: an improved Financial Reporting Risk Framework that raises the internal control to a higher level and makes it more verifiable. In this way, the insurer proves not only to itself that it is in control, but also to external parties.
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