Improving risk governance framework of an Insurance Group

Insurance Group with more than 2.5 mln in premium income

The Group Compliance Department required MACFIN’s support in assessingits organizational control structure through a pilot examination of a business process and subsequent assistance in conducting ex-post compliance verification activities.

Industry:

Service:

Goals

Strengthen,

the compliance risk control framework, identifying areas for improvement and corrective actions to be implemented.

Ensure

adequate effectiveness and efficiency of the organizational compliance risk management framework.

Provide methodological support

in defining the approach to be implemented for subsequent ex-post audits on additional business processes.

Assist

the Compliance Function in implementing the compliance risk control framework and conducting audit activities.

Activity

Preliminary analysis

of the key elements of the evaluation and control model in use through the pilot project.

Evaluation

of the design and completeness of the verification activities previously conducted by the Company and the reporting produced.

Formalization

of identified attention points and proposed improvements of organizational, procedural, etc.

Defining

the methodological approach to ex-post compliance audits (how to set up compliance programs and detailed checklists, types and techniques of control and verification, sampling techniques).

Operational support

in implementing framework as part of conducting subsequent verification activities and related reporting to top management.

Results

Strengthening

the compliance risk control framework

Assurance

on the effectiveness and efficiency of the control system.

Optimization

of the Compliance Function's reporting to top management.

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