Internal audit is an important and integral tool for management, finance and operations functions in any company so it is not surprising that most successful businesses have internal audit functions. An effective internal audit requires planning, experience and sound methodology, all developed in sync with corporate finance, human resources and the business' current situation.
There is no single template to follow and therefore the structure and protocol of the internal control function must be a reflection of industry specifics and the regulatory and risk context of the company. We tailor our internal audit services to your organisation’s sector, size, risk appetite and regulatory requirements. We can conduct a full assessment and benchmarking of internal audit processes and procedures and identify opportunities for improvement and cost reduction.
For businesses establishing an internal audit function for the first time, we can work with the Board to design and implement a program that will be the right size and adhere to best-practice from the start.
Solvency II has had a profound impact on insurance companies. It has set out a new governance system and requires the creation of an adequate risk management system.
In light of Solvency II we can assist you in the following:
- Assessing the various systems and functions under Solvency II e.g. corporate governance, risk management and compliance;
- Providing Solvency II related advice by reporting our results and recommendations to Management and the Board; and
- Monitoring the implementation of corrective action plans.