Industry Survey Whitepaper - Operational Auditing
Industry Survey Whitepaper - Operational Auditing
In 2011, LOGiQ3 contacted a group of Reinsurers and Retrocessionaires (Retro) to participate in a survey on their 'Operational Auditing' practices. The response was great and informative and we thank everyone for their time. Since then, we have created a whitepaper which puts our thoughts and opinions on the findings in one consolidated version. That whitepaper is now available to share and can be downloaded from our website.
Before going further, we should define what we mean by 'Operational Auditing' so that we're all speaking the same language. We define 'operational auditing' to be auditing performed by a Reinsurer or Retro on a ceding company, looking at their systems, data, and internal processes and controls surrounding their Reinsurance Administration, Underwriting and/or Claims operation’s. Our aim for doing the survey was to provide back to the industry a useful guide on what is happening in auditing at present and to let companies understand how they benchmark to peers in the industry. We hope that you will find this white paper informative and useful.
We’ve supported a wide range of audit services over the last few years, across Underwriting, Claims and Reinsurance Administration. We can operate as an extension of your existing audit team or can be a completely independent team. Our audit services can be tailored to our clients’ needs. Going forward, we see more companies leaning to a 'co-sourcing' model, whereby we work closely with your existing audit team. Our clients get the benefit of having dedicated resources focused on getting the audits completed and reports issued in a timely manner, without having to balance audit work with their 'day jobs', which is a typical concern in most organizations. After all this is our day job, this is what we do.
If you have any questions regarding the whitepaper, please feel free to contact myself or any one of us at LOGiQ3 as we always value your feedback. If you have any general auditing questions or need advice on your audit plans for 2012 we'd be happy to help.
Thanks for your time.
Kelly