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Management Services

1. Financial reporting

IFRS reporting: IFRS compliant reporting on risk programmes, including cost tracking, parameter cross referencing and financial and management reporting integration.

SAM reporting: SAM requires a comprehensive understanding of the reporting and disclosure requirements to review and complete reporting templates for clients.

RF reporting: The reporting of premium and claims experience in a single parent/group captive or commercial insurance company.

2. Financial audit

An independent, objective evaluation of an organization's financial reports and financial reporting processes, depending on the needs of the client. These audits can either be first-time initial assessments, or compliance audits in terms of an existing risk model.

3. Solvency Assessment & Management (SAM) Services

Outsourced Internal Audit Control Function

Management of internal audit processes, monitoring of effectiveness and integration of internal audit information and reporting to Audit Committee and Board where required.

Outsourced Compliance Control Function

Management of compliance requirements. Monitoring regulatory environment and internal compliance with specific applicable elements with reporting to Audit / Risk Committee and Board where required.

SAM Internal Audit

Comprehensive audit of SAM compliance in terms of BN158 and related requirements. Includes audit of all required policies and procedures as well as testing of quality and responsiveness of procedures to achieve desired outcome (preventative and detective controls). Allows integration into ORSA model a risk mitigation information


4. Enterprise Risk Management Consulting

Risk governance (in conjunction with DRS)

Development of (ISO/COSO/King compliant) corporate risk governance structures, including risk management frameworks, policies and procedures. Customisable risk templates and registers as well as Management Information Systems (MIS) informational requirements. Development can also be pre-designed to interface with in-house developed Enterprise Risk Model to create stochastic simulation environment that is consistent with risk register and related exposures.

Claims assessment (in conjunction with DRS)

This includes Professional Indemnity, Bankers’ Blanket Bond, Fraud, Business Interruption, Trustees Liability and Directors and Officers Liability claims. This includes an audit review and financial reconstruction. In South Africa, this service has been expanded to include forensic accounting services as well as non-legal policy response associated with the claim.

Business Interruption Exposure Assessment (in conjunction with DRS)

Business Interruption (BI) is often a relatively complex risk as well as being a significant potential exposure to clients. The interruption exposure is assessed through a recovery timetable that is developed to accommodate various operational sources of revenue / gross profit, different recovery scenarios and implicit and explicit overlaps.