Main characteristics of the internal control and risk management system

The obligation of insurance companies to establish and maintain an internal control and risk management system is regulated by the provisions of the Companies Act and by the special provisions of the Insurance Act. Moreover, Zavarovalnica Triglav always operates in compliance with the relevant secondary legislation issued by the Insurance Supervision Agency. Other insurance companies, subsidiaries of the Triglav Group in Slovenia and abroad, also guarantee an adequate quality level of the internal control and risk management system, in compliance with the legal provisions and legislation of individual countries.

Internal controls have been set up in all processes, organisational units and organisational levels of Zavarovalnica Triglav. They include:

  • a clear organisational structure with a precisely defined and transparent system of authorities and competences;
  • efficient procedures for the identification, evaluation, management and monitoring of risks the Company is or may be exposed to in the course of its operation;
  • an adequate internal control system which includes appropriate administrative and accounting procedures (reporting, working procedures, risk exposure limits and physical controls).

Zavarovalnica Triglav ensures the compliance of its operations with strategic objectives by maintaining and upgrading a reliable risk management system, proper accounting activities and internal and external financial-accounting reporting. Efficiency checks on the internal control system are performed by a special Internal Audit Department, established in compliance with legislation. Its main tasks include submitting upgrade proposals and reporting regularly to the Management Board, the Audit Committee and the Supervisory Board. For more details see the section on Risk management.


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