White Paper - Insurable Risk Reporting

Whitepaper

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Author

Bruce Turner AM

CRMA, CGAP, CISA, CFE, PFIIA, FFin, FFA, FIPA, FIML, MAICD, JP

Date

2023

Topics Explored

Risk Management

Format

White Paper

Extract/Description

This white paper provides a basis for internal auditors, boards, audit committees, and risk and insurance managers to evaluate the quality and completeness of insurable risk reporting for their organisation.

Key Points

1. Insurance is arranged by organisations as a common risk treatment approach.

2. A corporate policy covering the minimum requirements for insurance arrangements is normally set by the Board.

3. Schedule of insurances will typically list all policies held.

4. Audit committees and boards rely on management to establish and maintain mature and consistent practices for insurable risk reporting and the foundations that support it.