As part of an effective system of risk management and internal
controls, insurers have control functions, including for risk
management, compliance, actuarial matters and internal audit.
While Senior Management has primary executive responsibility in
respect of risk, compliance and related areas, specific control
functions are essential for providing expertise, leadership, objectivity
and independence where required on these subjects. Control
functions add to the governance checks and balances of the insurer
and are a source of support for the Board in the fulfilment of its risk,
compliance and control oversight duties.