Monday, July 15th, 2024 

Financial Risk Management for the Insurance Industry

We work with management on cost effective internal control development, testing, and monitoring. Best Practices for insurance company internal controls, include an understanding of the changing inherent risks of government mandates, statutory risk-focused surveillance process, Sarbanes-Oxley and Model Audit Rule compliance coupled with the latest guidance from NAIC, state insurance departments, SEC, PCAOB, COSO, and COBIT.

Insurance companies operate in environments where technology, regulation, restructuring, changing markets and competition create uncertainty. Internal controls are designed to lower operational residual risk and increase the probability of success.

Inherent risks have been enlarged by government mandates like Health Care Reform, Health IT, ICD-10 coding conversion and adoption HIPAA 5010 transmission standards. The mandates' extensive system and process changes have increased the risk of noncompliance. The mandates modify your business model, strategy, and financial criteria. Accordingly, your internal controls need to be adjusted, tested, and documented.

We provide internal control training, documentation, and consulting expertise for all sizes of health, life, and property & casualty insurance companies. Our services are targeted to promoting effective internal controls, regulatory compliance, corporate governance, IT Security, internal auditing, external auditing and fraud prevention and detection. Our experienced staff has been working with the insurance internal controls for over thirty years.

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