WAPIC INSURANCE PLC INTERNAL CONTROL FRAMEWORK - Microsoft
WAPIC INSURANCE PLC
INTERNAL CONTROL FRAMEWORK
Prepared By
Name
Muyiwa Oke
Reviewed By
Peter Ehimhen
Reviewed By
Segun Balogun
Approved By
Ratified By
BRMC
Board
Directors
Document History
Prepared By
Muyiwa Oke
2
DESIGNATION
Head, Compliance
& Internal Control,
Wapic Insurance
CRO, Wapic
Insurance
Managing
Director
SIGN
DATE
of
Date
Mar 31, 2013
Version
1
Comment
This document is subject to
periodic
review
and
approvals to reflect changes
in business environment
Table of Contents
.I
1.1
1.2
1.3
1.4
2.
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
3.11
4
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
4.10
4.11
4.12
WAPIC INSURANCE PLC Internal Control Framework Policy
Overview
Definition
Objectives of internal control
Internal control environment
WAPIC INSURANCE Internal Control Framework Overview
Joint responsibility for internal control
Division management quarterly report on the financial
Statement and internal control system
Guiding principles and internal control standards
WAPIC INSURANCE Policies & procedures
Code of conduct/sanction grid
Generally accepted accounting/fair presentation
Guiding Principles and Internal Control Standards
Introduction
Compliance with applicable laws and regulations
of other regulating agencies
Other legal requirements
Reasonable assurance
Mitigating limitations in internal controls
Role of internal auditor
key success factor for internal audit and internal
Control officer
Work ethics required for internal control officer
Authority of internal control officer
Linkage of internal control and quality
Responsibilities of managers and employees
Internal control standards
Documentation
Quarterly certification
Human resources ¨C selection & development
Segregation of responsibilities
Approval of transaction
Reconciliation and verification of transactions
Safeguarding of assets & other company property
Policies and procedures
Risk assessment/review
Information technology
Financial controls and records
Assessment of the internal control framework
5
5
5
5
7
14
15
15
15
16
16
16
18
18
19
19
19
20
21
21
21
22
22
22
24
24
24
24
24
25
25
25
26
28
29
29
29
5
Policy on business conduct
30
5.1
5.2
5.3
Company funds, assets, record & payment
Conflicts of interest
Out-sourced business
30
30
31
6
WAPIC INSURANCE PLC internal control framework
Employee responsibilities ¨C daily control activities.
6.1 Approval
6.2 Documentation
6.3 Segregation of duties
6.4 Recording of transactions
6.5 Proofing, Recording & Verifying
6.6 Open Items on suspense accounts & Nostro /
Our Accounts Reconciliation reports
6.7 General Ledger account ownership/management
Of the company¡¯s other assets provision
6.8 Safeguarding of assets
6.9 Compliance
6.10 Control/Risk based perfection measurement
32
32
32
33
33
33
34
34
35
35
35
I.0 Internal Control Framework Policy
1.1Overview
The WAPIC INSURANCE Internal Control Framework provides a common
understanding of the internal control responsibilities of all WAPIC INSURANCE
employees. This policy outlines basic principles of internal controls, covering many
broad areas of the business, and applies to all business units worldwide. All WAPIC
INSURANCE employees must comply not only with the letter of this policy, but also its
spirit. An effective internal control system is a basic standard for both the operational and
financial integrity of results, and is an integral component of a well-managed, quality
operation.
1.2 Definition
The term "internal controls" refers to the overall operating framework of practices,
systems, organizational structures, management philosophy, code of conduct, policies
and procedures and actions which exist in the company and designed to:
? Ensure that essential business objectives are met, including the
effectiveness and efficiency of operations and the safeguarding of assets
against loss.
? Ensure the reliability of financial reporting and compliance with general
accounting principles.
? Ensure compliance with applicable laws and regulations.
? Ensure systematic and orderly recording of transactions.
? Provide reasonable assurance that undesired events will be prevented or detected
and corrected.
1.3Objectives of internal control
The primary objective of internal control system in an insurance company is to help
the company perform better through the use of its resources. Through internal control
system, the company identifies its weaknesses and takes appropriate measures to
overcome the same. The main objectives of internal control are as follows:
? Efficiency and effectiveness of activities (performance objectives).
? Reliability, completeness and timelines of financial and management
information (information objectives)
? Ensure adherence to policies and procedure put in place by the management
? Compliance with applicable laws and regulations (compliance
objectives)
1.3.1 General WAPIC INSURANCE Internal Control Objectives
? Achievement of Business Objectives.
? Safeguarding of assets
? Reliability of financial records.
? Customer and Regulation-Centric Internal Control Measures.
? Automation of Operational Control and Reconciliation activities in Wapic
insurance Plc
? Elimination of Prudential provision on other asset
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