Insurance Internal Audit: the third line of defence

At Mazars Malta, we have a specialised and qualified insurance internal audit team who are the approved function holder to various local insurance undertakings.

Internal audit is designed to add value and improve organisational operations. It also helps accomplish business objectives by bringing a systematic, disciplined approach to the evaluation an improvement of the effectiveness of risk management, control and governance processes. 

The Insurance Rules published by the Malta Financial Services Authority in December 2015 require authorised insurance and reinsurance undertakings, including captives, to have appropriate systems and structures in place to ensure an effective system of governance.

The Rules allow for the concept of proportionality when applying systems of governance. They also provide for the establishment of a minimum of four key functions.

Internal audit, also referred to as the third line of defence, is a designated and mandatory key function for all authorised insurance undertakings.

Effective internal audit is

  • Open and transparent
  • Cost effective
  • Independent
  • Focused on risk
  • Tailored to each entity

Our approach

We adopt a 'no surprises' approach both in terms of findings and in respect of fees charged. We work with and not against management, whilst still maintaining our independence. Objectivity is central to our work ethos and we draw on both our experiences and best practice in carrying out our brief . Moreover, our service offering is risk based, scalable and flexible.

Why choose Mazars Malta for Insurance Internal Audit?

Mazars Malta is a business advisory and assurance firm that understands the local insurance industry including its complexity, regulatory requirements as well as its limitations.

Although our independence is critical to the way we do things, we are accessible, open and transparent in our approach. Our service offering is partner driven. We will always allocate our best people to ensure that we meet your expectations and actively contribute towards the sustainability and growth of your business.

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