Internal audit

The Internal Audit Department (IAD) is an independent organisational unit directly accountable to the Management Board. The internal audit function is defined by law. By providing independent and impartial consulting and auditing services, the IAD helps the Management Board protect property and improve the quality, prudence and effectiveness of operations within the scope of the adopted business strategy, policies and plans. The IAD helps the Management Board achieve objectives by encouraging well-thought out and organised methods of evaluating and improving processes of risk monitoring and Risk Management.

In its work, the IAD abides by professional and ethical rules on internal auditing, set by the Institute of Internal Auditors based in the USA, the Slovene Institute of Internal Auditors, the Insurance Act and other pieces of legislation, as well as internal company rules, particularly the Internal Auditing Rules of Zavarovalnica Triglav.

Through continuous and comprehensive supervision of Zavarovalnica Triglav's business, the IAD verifies whether insurance operations are performed duly and pursuant to the Insurance Act, the secondary legislation issued on the basis thereof and the internal company rules. The IAD also verifies if the insurance company keeps accounting records, draws up bookkeeping documents, measures accounting items and compiles financial and other reports in compliance with the Insurance Act and pertaining secondary legislation, as well as its own internal rules. Moreover, the Internal Audit Department supervises the maintenance of the register of insurance agents who act as such either as employees or on the basis of another type of legal relationship, in accordance with the Insurance Act and pertaining secondary legislation, as well as the internal rules of Zavarovalnica Triglav itself.

In addition to regular and extraordinary audits of the departments where major risks have been identified, the IAD also carries out the following series of activities:

  • regularly monitors the implementation of recommendations made by internal and external auditors;
  • cooperates with external auditors and other supervisory bodies;
  • based on an audit risk assessment of Zavarovalnica Triglav's departments, draws up IAD's medium-term and annual audit plans and submits these drafts to the Management and Supervisory Boards for comment and approval;
  • at regular intervals, reports to the Supervisory Board on the internal audit tasks performed, their outcomes (findings) and the implementation of internal auditors' recommendations;
  • annually reports to the Management and Supervisory Boards on the implementation of its annual audit plan, the adequacy of internal auditing tools and major findings of internal auditors arsing from internal audits performed;
  • organises training sessions so as to maintain the required know-how, skills and other qualifications necessary for successful internal auditing;
  • improves the quality of its work by carrying out suitable measures aimed at eliminating any deficiencies identified in regular internal audits and periodic external quality assessments;
  • provides consulting services in agreement with the management and the Management Board;
  • transfers the internal auditing know-how and good practices to other Group members.

In 2011, the IAD performed 21 ordinary and 1 extraordinary performance audits of the Company. In 2011 the Internal Audit Department complied with its medium-term and annual audit plans.

The IAD reported on all of them in writing to the Management Board, which discussed the received reports and took appropriate action to carry out the recommendations given, i.e. eliminate the identified irregularities and deficiencies, by the agreed deadlines. The persons responsible for implementing the recommendations were required to report to the IAD, which in turn monitored the implementation and reported to the Management and Supervisory Boards.

The IAD also participated in 10 ISO audits in other members of the Triglav Group and pursued all of its other internal audit activities described above.

 
 
 
 
 
 
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