In control

Effectively dealing with risks

In the recent past, being ‘in control’ meant trying not to deviate from the long-term strategy. But this approach is no longer appropriate in an increasingly dynamic insurance market. Organisations must be extremely resilient in order to quickly and effectively respond to their surroundings. A dynamic risk strategy and internal control can help to create a competitive advantage.

Efficient audits and reports

In practice, we have noticed that many organisations regularly use overlapping and out-dated audits in their internal control framework. The overall set-up could thus be more efficient, as could reports sent to management and other stakeholders. In addition, it is important to encourage people to deal with risks in an appropriate manner. Is your organisation sufficiently in control?

How we can help you

We will assist you with ideas about how these three areas of attention can be implemented into your organisation: culture and behaviour, integral risk management and technology. When these three themes are implemented effectively, one creates an agile organisation capable for dealing with its dynamic surroundings (link future of insurance). This offers a degree of certainty about meeting your organisation objectives.

  • Culture and behaviour
    Employees become conscious about risks because e.g. they openly speaking about their findings. The governance structure facilitates improvement.

  • Integral
    An integral control framework with ‘soft’ and ‘hard’ control measures allows organisations to respond appropriately. The link between strategic objectives and risk management helps to offer sufficient management information and efficient reports.

  • Technology
    A real-time integrated insight into objectives and control measures offers management the tools they need to respond flexibly. But they also want to efficiently report to internal and external stakeholders. And that's when methods like tetheray, continuous monitoring and process mining are useful.

'Organizations which are effectively in control, are focusing on culture and behavior, integral risk management and technology'

Bas van de Pas

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Bas van de Pas

Partner, PwC Netherlands

Tel: +31 (0)88 792 69 89

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