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Entity level controls (ELCs) are often difficult to identify or create but even more difficult to assess. 

 

This webinar CPE Training Event is designed to help internal audit and internal control professionals understand how to establish the entity level controls (ELCs) needed for NAIC Model Audit Rule (MAR) and SOX compliance in the insurance industry. The training event will cover the regulatory requirements for ELCs and best practices for maintaining and assessing entity level controls.

 

The first step in establishing ELCs is to identify and clarify the organization’s objectives...its mission, purpose, its “reason for being”. These objectives should be reflected in the ELCs…the “tone at the top”, as established by management.

 

This involves identifying the key areas of financial reporting that are relevant to the company and evaluating the existing controls in place to ensure their effectiveness. Based on the assessment, a plan can be developed that outlines the specific controls that need to be put in place to comply with the organization's compliance requirements.

 

The next step is to “implement” the controls, including any necessary changes to processes, procedures, and systems. Once the controls are in place, their “operation” needs to be regularly tested to ensure they are working as intended. Detailed documentation should be kept of the controls, including the assessment, plan, implementation, testing, and any updates made over time.

 

It is critical to have a “control self assessment program” that regularly monitors the controls and reports their status to the appropriate parties, including management and the audit committee.

The agenda for the training event includes an introduction to ELCs and their importance in ensuring compliance and mitigating risk in an insurance organization. The regulatory requirements for ELCs, including the Sarbanes-Oxley Act (SOX) and National Association of Insurance Commissioners (NAIC) corporate governance standards, will also be covered.

 

This course is designed for professionals experienced in working with internal controls and ERM programs.

 

Each attendee will receive 4 Auditing CPE Hours (YB). A certificate of completion will be provided.

Insurance Industry Entity Level Controls

$280.00Price
  • Offered every six weeks on Fridays at 10:00 a.m. to 2:30 p.m. Central Time in four CPE-Credit event.

    We can schedule private events on your timetable for two or more attendees.

     

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