Insurance Industry Entity Level Controls
Gain a competitive edge in the insurance sector with our Insurance Industry Entity Level Controls Training Webinar. This 4 CPE-credit course offers comprehensive knowledge on establishing and maintaining Entity Level Controls (ELCs) to ensure compliance with the NAIC Model Audit Rule (MAR) and the Sarbanes-Oxley Act (SOX). Perfect for internal audit and control professionals, this training equips you to strengthen compliance programs, mitigate risks, and drive organizational efficiency.
Why Attend?
1. Master Entity Level Controls for Compliance - Learn the essentials of creating, assessing, and maintaining ELCs that align with MAR and SOX requirements.
2. Ensure Regulatory Compliance - Understand the NAIC governance standards and SOX criteria critical for insurance organizations.
3. Develop Best Practices for Monitoring Controls - Build protocols for continuous improvement, detailed documentation, and effective reporting to management and audit committees.
4. Earn 4 NASBA-Approved CPE Credits - Enhance your professional development and credentials with credits in auditing.
What You’ll Learn
This training program breaks down the complexities of entity level controls into actionable steps for insurance professionals.
Course Highlights:
1. Understanding ELCs in the Insurance Sector:
- Define entity level controls and their role in achieving compliance.
- Discover the impact of controls on mitigating financial reporting risks in insurance organizations.
2. Regulatory Frameworks for ELCs:
- Explore the requirements of the NAIC Model Audit Rule (MAR) and SOX standards for the insurance sector.
- Learn how corporate governance rules affect internal control frameworks.
3. Developing and Implementing Controls:
- Assess current controls and identify areas needing enhancement.
- Create a detailed plan to develop and implement effective processes, policies, and systems for control compliance.
4. Testing and Monitoring ELCs:
- Utilize control self-assessment programs to evaluate control effectiveness.
- Learn key techniques for identifying deficiencies and ensuring controls work as intended.
5. Documentation and Reporting:
- Master best practices for maintaining clear, comprehensive documentation of control activities, assessments, and updates.
- Understand the importance of transparent reporting to management and the audit committee.
6. Best Practices for Ongoing Success:
- Explore methods for regular updates and continuous monitoring to keep ELCs current with evolving regulatory requirements.
Benefits of Attending
Attendees will walk away with essential skills and strategies, including:
- Heightened Compliance Confidence: Develop controls that meet stringent MAR and SOX standards.
- Enhanced Risk Mitigation: Strengthen financial reporting controls to prevent regulatory risks and errors.
- Improved Stakeholder Communication: Build reports and summaries that clearly demonstrate compliance and control effectiveness.
- Expanded Professional Standing: Earn 4 CPE credits and build expertise in insurance-specific internal controls.
Event Details
- Schedule: Offered every eight weeks on Tuesdays from 10 a.m.–2:30 p.m. CST.
- Delivery Format: Group internet-based learning.
- CPE Credits: 4 NASBA-approved credits in Auditing.
- Cost: $280.
- Private Events: Customizable sessions available for internal teams.
Who Should Attend?
This training is designed for professionals in the insurance sector, including:
- Internal Auditors: Learn how to establish and enhance entity-level controls.
- Risk and Internal Control Professionals: Gain insight into mitigating financial reporting risks.
- Compliance Managers: Stay ahead of governance requirements with effective control systems.
Why ELCs Matter in the Insurance Industry
Entity level controls provide the foundation for a company’s compliance framework. They are crucial for:
- Ensuring Financial Accuracy: Strengthen reporting systems to meet regulatory expectations.
- Mitigating Organizational Risk: Prevent errors, fraud, and compliance gaps through effective controls.
- Supporting Leadership and Governance: Align controls with corporate strategies to enhance operational success.
Register Today
Equip yourself with the tools and knowledge to master Entity Level Controls and advance your career in the insurance industry. This robust 4-CPE credit webinar offers hands-on techniques to improve compliance, streamline processes, and mitigate risks within your organization.
Register now to secure your spot and take the next step toward professional excellence in internal auditing and controls!
Details on Event Presentation
Offered every eight weeks on Tuesdays 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.
CPE Event Highlights
This CPE event covers the following actions concerning entity level controls required for annual compliance programs:
1. Assess the company's current controls: Identify the key areas of financial reporting that are relevant to the company and evaluate the existing controls in place to ensure their effectiveness.
2. Develop a plan: Based on the assessment, develop a plan that outlines the specific controls that need to be put in place to comply with MAR requirements.
3. Implement the controls: Put the controls in place, including any necessary changes to processes, procedures, and systems.
4. Test the controls: Using a “control self-assessment program” to regularly test the controls to ensure they are working as intended and are effective.
5. Document the controls: Keep detailed documentation of the controls, including the assessment, plan, implementation, testing, and any updates made over time.
6. Monitor and report: Regularly monitor the controls and report any deficiencies to the appropriate parties, including management and the audit committee.
Learning Objectives
The Learning Objectives include:
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Understand the importance of establishing entity level controls in the insurance industry.
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Comprehend the regulatory requirements for entity level controls in the insurance industry, including the Sarbanes-Oxley Act (SOX) and National Association of Insurance Commissioners (NAIC) corporate governance standards.
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Assess the current entity level controls of an insurance organization and identify key areas of financial reporting that are relevant to the company.
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Develop a plan for entity level controls that outlines the specific controls that need to be put in place to comply with MAR requirements.
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Implement entity level controls, including any necessary changes to processes, procedures, and systems.
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Test the entity level controls to ensure they are working as intended and are effective in detecting and preventing errors or fraud.
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Document the entity level controls, including the assessment, plan, implementation, testing, and any updates made over time.
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Monitor the entity level controls and report any deficiencies to the appropriate parties, including management and the audit committee.
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Identify best practices for maintaining effective entity level controls in an insurance organization over time, including continuous monitoring and regular updates to stay current with regulatory requirements.
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Apply the concepts and techniques learned during the training through hands-on exercises and case studies.
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Evaluate the effectiveness of entity level controls in an insurance organization and provide recommendations for improvement.
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Gain knowledge of the latest trends and challenges in entity level controls for the insurance industry.
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Key Issues on the Agenda
1. Introduction to Entity Level Controls (ELCs) and their importance in ensuring compliance and mitigating risk in an insurance organization.
2. Overview of regulatory requirements for ELCs, including all the National Association of Insurance Commissioners (NAIC) Model Laws concerning ELCs and Sarbanes-Oxley Act (SOX) standards.
3. Assessment of current ELCs: Identifying key areas of financial reporting and evaluating existing controls in place to ensure their effectiveness.
4. Planning and Implementation: Developing a plan for ELCs and putting controls in place, including any necessary changes to processes, procedures, and systems.
5. Testing and Monitoring: Regularly testing the controls to ensure they are working as intended and are effective in detecting and preventing errors or fraud.
6. Documentation and Reporting: Keep detailed documentation of the controls, including the assessment, plan, implementation, testing, and any updates made over time.
7. Best practices for maintaining effective ELCs in an insurance organization over time, including continuous monitoring and regular updates to stay current with regulatory requirements.
8. Conclusion and next steps for ongoing compliance and risk management efforts in the insurance organization.
NASBA Program Disclosure
Program Level of Understanding: Intermediate to Advanced
Prerequisites: Participants should come with a knowledge of internal control frameworks.
Advance Preparation: A number of documents will be provided in advance.
Delivery Format: On-site Training (Group-Live); Seminar (Group-Live)
NASBA Field(s) of Study: Auditing
CPE Credits: 4, based on 50 minutes of instruction per hour.Summary of the Subject Matter
The Insurance Industry Entity Level Controls CPE program is a training program designed for internal audit professionals in the insurance industry. The program provides an in-depth understanding of how to establish entity level controls for SOX and MAR compliance. The program covers the regulatory requirements for entity level controls, assessment of current controls, planning and implementation of new controls, testing and monitoring, documentation and reporting, and best practices for maintaining effective controls.