Control framework design

If you are an insurer working with cover holders, you must have a risk analysis in place regarding the outsourcing of your underwriting activities. You should then ensure that you adequately manage these risks before underwriting authorities are granted. 
 
Volmachtaudits can support you in setting up the internal control framework of your outstanding cover holders. Think about drafting your underwriting policy, setting up the risk analysis, controlling the risks through procedures & measures and training your employees. 
 
In the Netherlands, the Risk Management Underwriters Work Program can be part of your control framework. Based on a generic risk analysis, the risks associated with running the business of a cover holder have been identified and standards have been drawn up to manage these risks. This is the Underwriting Agents Risk Management Standards Framework. Almost all the cover holders operating in the Netherlands participate in this program which is given as an example of good practice by De Nederlandsche Bank. This makes it possible to directly and online monitor and assess the quality of outsourced activities. Volmachtaudits can provide this monitoring for you or by training your (internal) auditors in it. 

For more information, please contact us. We are happy to provide further clarification.