The Triglav Group in its business ensures the compliance with its strategic objectives by:
- maintaining and developing a reliable risk management system,
- appropriate accounting and
- the issue of debt securities and long-term borrowing from domestic or foreign banks; or
- internal and external financial and accounting reporting.
Internal auditing at Zavarovalnica Triglav, d.d., the controlling company of the Triglav Group, is carried out by the Internal Audit Department.
The Internal Audit Department (IAD) is an independent organisational unit directly accountable to the Management Board. In Zavarovalnica Triglav, the department carries out internal audit tasks. In its work, the IAD abides by the Insurance Act and other relevant regulations, the professional and ethical rules on internal auditing set by the Institute of Internal Auditors based in the USA, the Slovene Institute of Internal Auditors, as well as the internal company rules on internal auditing.
The IAD provides independent and impartial audit and advisory services, which help the Management Board achieve objectives by encouraging well-considered and organised methods of evaluating and the improving processes of risk monitoring and risk management.
In addition to regular and extraordinary audits of the departments where major risks have been identified, the IAD also carries out the following series of activities:
- based on an audit risk assessment of individual departments, draws up IAD’s medium-term and annual audit plans and submits these drafts to the Management and Supervisory Boards for comment and approval;
- provides consulting services in agreement with the management and the Management Board;
- regularly monitors the implementation of recommendations made by internal and external auditors;
- cooperates with external auditors and other supervisory bodies;
- reports quarterly to the Management and Supervisory Boards on the internal audit tasks performed, their findings and the implementation of internal auditors’ recommendations;
- reports annually to the Management and Supervisory Boards on the implementation of its annual audit plan, the adequacy of internal auditing tools and major findings of internal auditors arising from internal audits performed;
- improves the quality of its work by carrying out appropriate measures aimed at eliminating any deficiencies identified in regular internal audits and periodic external quality assessments; and
- transfers the internal auditing know-how and good practices to other Group members.
The General Meeting of Shareholders of Zavarovalnica Triglav, d.d., appointed the auditing firm Ernst & Young d.o.o., Ljubljana as auditor for the financial years 2016, 2017, 2018, 2019 and 2020.