Role of Internal Audit in Risk Management at PT Reinsurance ABC

Letizia Prima, M. Malik

2018

Abstract

This study aims to analyze role of internal audit in internal control and risk management of PT Reinsurance ABC, as well as provide suggestions for improvement the role of internal audit in risk management. This study used descriptive qualitative method. The method explains role of internal audit in internal control and risk management is assessed based on ISO 31000:2009, COSO-ERM Integrated Farmework and International Standards of Internal Audit Professional Practice (IPPF) by Institute of Internal Auditors (IIA). The results of the analysis show that the internal audit has carried out their role in helping management achieve company’s goals, vision and mission with their activities that conduct an assessment or assurance and do consulting on internal control and risk management of the company. However, the technical assessment or assurance and internal audit’s consultation of PT Reinsurance ABC currently still needs to be improved starting from audit planning to follow-up the audit results. The role of internal audit in internal control also needs to be improved, especially in the operational activities of PT Reinsurance ABC. Internal audit also carries out their role in corporate risk management, they asses and provide evaluations and recommendations on risk management processes, but their role needs to be improved in communication, consultation and coordination regarding the process and implementation of risk management at PT Reinsurance ABC. Thus, internal audit will be expected to act as the third line of defense. PT Reinsurance ABC will only examine significant risks and use the risk management process as the basis for conducting audit in Risk Based Internal Audit (RBIA).

Paper Citation

in Harvard Style

Prima L. and Malik M. (2018). Role of Internal Audit in Risk Management at PT Reinsurance ABC.In Proceedings of the 1st Unimed International Conference on Economics Education and Social Science - Volume 1: UNICEES, ISBN 978-989-758-432-9, pages 1043-1049. DOI: 10.5220/0009502510431049

in Bibtex Style

@conference{unicees18,
author={Letizia Prima and M. Malik},
title={Role of Internal Audit in Risk Management at PT Reinsurance ABC},
booktitle={Proceedings of the 1st Unimed International Conference on Economics Education and Social Science - Volume 1: UNICEES,},
year={2018},
pages={1043-1049},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0009502510431049},
isbn={978-989-758-432-9},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 1st Unimed International Conference on Economics Education and Social Science - Volume 1: UNICEES,
TI - Role of Internal Audit in Risk Management at PT Reinsurance ABC
SN - 978-989-758-432-9
AU - Prima L.
AU - Malik M.
PY - 2018
SP - 1043
EP - 1049
DO - 10.5220/0009502510431049