PINS S6.9 Risk management policy — fraud risk

An insurer's risk management policy for fraud risk should include:

(a) internal controls and mitigation strategies;
(b) segregation of duties at an operational level and in relation to functional reporting lines;
(c) financial accounting controls;
(d) staff training and awareness; and
(e) appropriate processes for monitoring compliance with the insurer's procedures, controls, limits or other restrictions (such as those placed on investment managers or those making decisions on underwriting).
Inserted by QFCRA RM/2013-1 (as from 1st January 2015).