Internal Audit

Internal Audit Outsourcing
In today’s environment, the analysis, evaluations, assurances and recommendations provided by internal audit to management and Boards make the Internal Audit function a critical tool for managing risks. Veris provides internal audit services on a fully outsourced or as needed to complement an established internal audit function. We work with management to develop the most effective and efficient means to ensure the financial reporting, regulatory and operational risks are in line with the Company’s strategic goals.

Our experience enables us to provide a cost-effective and efficient internal audit service, a broader perspective, and access to current industry practices and knowledge.

Risk Assessment
We work with management, through interviews and review of internal documents, to understand management’s assessment of the significant risks and identify the critical controls for managing those risks. Our risk assessment includes identifying critical controls for common risks typical in insurance companies. Based upon the assessment process, we are able to draft a company specific audit plan to address all risks and prioritize internal audit projects for insurance businesses.

Process Reviews
Due to our in depth knowledge of the insurance industry, our professionals understand the objectives of insurance specific processes such as underwriting/premiums, claims, reinsurance, loss reserves, and finance/accounting. We have also executed reviews of managing general agents and third party administrators focusing on the operating controls of each to evaluate the effectiveness of these processes for management. We are able to identify potential deficiencies and offer recommendations based upon the latest insurance industry practices for management to improve upon current practices.

Enterprise Risk Management (ERM)
ERM is an integrated, organization-wide approach to operating a business. Through identifying the risks and business model of the organization, we can help insurance executives restructure their business operations for improved business performance. By performing independent reviews of the Company’s business model to evaluate the functionality, developing enterprise-wide training programs to ensure ERM is an essential part of the daily routine, and developing and defining policies and procedures for the frequency and responsibilities of risk assessments and reporting requirements we can establish an integrated approach to underwriting, risk monitoring, and loss reserve estimations.