SIB launches internal audit guide for brokers

The Society of Insurance Broking has issued a good practice guide for brokers’ internal audit controls. Published by parent organisation, the Chartered Insurance Institute and produced in association with PKF Littlejohn, the guide seeks to explain the three lines of defence model and makes a series of recommendations on areas of improvement, and outlines the importance of effective governance in risk management and accountable oversight of internal controls.

Partner at PKF Littlejohn, Jessica Wills, explained: “This Good Practice Guide summarises what these functions should look like within a three lines of defence model with some examples of good practice. We hope this summary provides some useful guidance and demonstrates the benefits that risk management and internal audit can bring to your firm.”

Liz Foster, non-executive director of the Society of Insurance Broking, said “Brokers will welcome this Good Practice Guide which will serve as a reminder to review their approach to internal audit and also provide a model against which to map their existing internal controls.”

The Audit Good Practice Guide can be accessed here.

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