At Securance, we believe in maintaining robust internal controls and promoting integrity within business operations. Our services are tailored to meet the stringent requirements set by regulatory bodies, ensuring your organisation is always compliant and resilient. As your dedicated implementation partner, we bring deep expertise and a proven track record in successfully managing risk and compliance challenges across various industries.
Internal Governance & Control
As organisations grow and outsourcing increases, maintaining strong internal control and business integrity becomes essential. Managing the entire chain with multiple stakeholders is challenging for many companies. Strong internal control is essential to prevent scandals and ensure resilience. Regulators recognising the growing complexity, have established stringent rules and frameworks like DORA, DNB guidelines, and the Cyber Resilience Act. These regulations form the baseline for a secure system. Securance assists organisations in not only meeting these baseline requirements but also achieving self-sufficiency in internal control. This ensures your systems are mature enough to comply with applicable regulations, needing minimal adjustments for exceptions. We always strive to help our clients achieve at least a maturity level 3, preferably 4, in their internal control processes. Our approach involves clearly defining business functions, processes, and responsibilities. We conduct thorough risk analyses and offer training and awareness sessions to strengthen knowledge and culture. Many of our clients struggle to see the bigger picture. We provide the support and expertise needed to optimize control over their internal systems and processes. Investing in internal control means investing in the stability and resilience of your organisation.
Securance Advisory Values
Innovation
Embracing a culture of innovation, we continuously seek groundbreaking solutions and technologies. Staying at the forefront of industry advancements to provide clients with cutting-edge approaches to assurance and cybersecurity.
Integrity
Our commitment to integrity is unwavering: we conduct ourselves with honesty, transparency, and ethical practices, fostering trust with our clients, partners, and team members. We are always actively looking to be of assistance
Excellence
We relentlessly pursue excellence in every facet of our work, setting and upholding the highest standards to deliver exceptional solutions that consistently surpass client expectations.
Client Centricity
Placing our clients at the forefront, we tailor our solutions to meet their unique needs, ensuring a personalized and responsive approach that builds lasting partnerships based on understanding. collaboration, and exceeding expectations
Collaboration
We value collaboration, recognizing that our collective strength lies in the diverse skills and perspectives of our team. By fostering an environment of teamwork, we amplify our ability to solve complex challenges and drive Innovation
Continuous Improvement
Committed to lifelong learning and development, we embrace a mindset of continuous improvement, encouraging our team to evolve and adapt to emerging trends, technologies, and best practices, ensuring we remain at the forefront of our industry
EIOPA – ComFrame
Gabriel Bernardino, president of EIOPA, expressed his desire for an international insurance market supervisory and legislative body in a speech early this month.
´The insurance market is spreading globally, creating new opportunities, challenges but also risks,´ said Bernardino. Creating a healthy and stable insurance market requires such international cooperation. The best way to ensure financial stability and proper consumer protection is through the development of a global regulatory and supervisory standard.
How can a SOC audit increase profits?
Many organisations focus primarily on their core competencies and outsource the rest. Common examples include payroll administration and technological infrastructure. Dependence on these services is increasing as many industries and businesses become interconnected.
Several stakeholders examine SOC reports. When a SOC audit report appears ‘correct,’ it distinguishes an organisation from its competitors and can provide operational credibility. Stakeholders mainly look at the following variables:
Social impact Solvency II
Insurers are actively implementing the Solvency II guidelines, managing them alongside their capital and risk management. The repercussions of decisions in this context will extend beyond the boardroom, affecting the relationships between both individual and corporate policyholders and insurers. These potential consequences have been explored and documented in a report by The Economist Intelligence Unit, involving 254 EU organizations, including insurers, financial institutions, and non-financial institutions.
SECURANCE advises Fujitsu Netherlands
SECURANCE will support Fujitsu Netherlands in implementing ISAE 3402. Fujitsu is a global provider of dynamic IT infrastructures. More than 170,000 Fujitsu employees support customers locally in 70 countries. Fujitsu’s headquarters are located in Tokyo.
IT General Control
More organizations are outsourcing IT or other processes. This outsourcing brings efficiency but also risks. Is information security well managed? How is privacy handled? The ISAE 3402 standard is the standard for reliable outsourcing and provides answers. This standard ensures that aspects such as risk management, information security, privacy, anti-fraud measures, and continuity are controlled. An ISAE 3402 | SOC 1 report describes how risks are managed.
Outsourcing Excellence™
When improving processes in an organization, the Theory of Constraints (TOC) emphasizes the importance of including the supply chain and market engagement in the analysis. Operational Excellence is achieved by eliminating constraints throughout the entire process, from procurement to production (operations) to sales. This seems simple, but according to Goldratt (the creator of TOC), “The more complex a system is, the more profound its inherent simplicity.” The execution is complex, not the solution.
ISAE 3000 | SOC 2 and ISO 27001
ISAE 3402 | SOC 2
ISAE 3000 | SOC 2 is the international standard for security and other non-financial information. ISAE 3402 is applied when there is outsourcing involving financial information processed by the service organization. If this is not the case, then SOC 2 can be used, for example, when only the General IT Controls (GITC’s) are included in the scope of the SOC report. The SOC 2 standard does not include provisions for internal control; for example, the COSO framework. These components are therefore not mandatory in a SOC 2 report.
Agency Theory in Outsourcing
Economies of Scale
Since the Industrial Revolution, organizations have been questioning how to leverage their competitive advantage to expand their market share and profitability. The dominant model in the 19th and 20th centuries was the large integrated organization. In the 1950s and 1960s, companies broadened their bases to benefit from economies of scale.
Outsourcing trends
Organizations are continually seeking ways to leverage competitive advantage to expand markets and increase profits. Increasingly, they are outsourcing non-core activities. Nevertheless, management remains ultimately responsible for risk management and implementing an effective control framework. This has led to a greater demand for assurance standards such as ISAE 3402 or ISAE 3000 for activities performed by third parties.
History
5 benefits of ISO 27001
ISO 27001 is the standard for information security management systems. It is the only auditable international standard for this. ISO 27001 includes policies, practices, developments, and systems that manage information risks, such as cyberattacks, data breaches, theft, or data hacks. But what are the benefits for your organisation?