Unprecedented circumstances are forcing the insurance industry to dramatically evolve and rethink the way business is being conducted globally. Volatile markets, dependency on technology, enhanced compliance requirements, among other factors, are leaving organizations little choice but to adapt. Accordingly, opportunities to lead and reshape the insurance industry have never been greater.
The Insurance Authority (IA) in the United Arab Emirates (UAE) recently published a circular with respect to new reporting requirements. Insurance companies are now required to obtain an independent auditors’ opinion on the effectiveness of internal controls over financial reporting (ICOFR).
The requirements, as per the IA’s Circular No. (21) of 2019 and its subsequent circular, endeavor to strengthen internal controls within insurance companies in the UAE.
KPMG understands the importance of these new requirements. Our objective is to assist you in navigating and implementing a robust internal control framework
Key objectives of the ICOFR requirement include:
ICOFR implementation steps
Road map to implement an internal controls framework
CURRENT STATE UNDERSTANDING
DOCUMENTATION OF ENTITY-LEVEL CONTROLS (ELC)
DOCUMENT PROCESS FLOWS/NARRATIVES AND RCM
GAP REPORTING AND REMEDIATION PLANNING