Effective fulfillment of the key internal audit function

"After associate Hans Sieraad of ARC People was appointed key function holder at a first pension fund in 2019, the first step was to provide support in putting the relevant fund documentation in order. The establishment of the new key functions required adjustments to job profiles, ABTN, regulations and bylaws, among other things."

"A next step for the internal audit function was to prepare an audit charter and an audit annual plan. There are good formats available within ARC People for this, so within a short time this basic documentation was in order and 'DNB-proof'."

"After reviewing fund and other relevant documentation, an initial risk assessment was conducted with a fund delegation. Here the fund's areas of concern were identified and after analysis it was decided to conduct some audits."

"The first audit performed was an assessment of the design of the integrated risk management, another area of expertise that ARC People can count among its specialties. A plan of action and a framework of standards were drawn up for the audit, which served as the basis for the audit. Using documentation review and interviews, among other methods, the findings were identified and discussed with those responsible. The investigation was recorded in a report."

"The board and more specifically the risk committee and the risk manager recognized the findings in the audit report. The fund organization endorsed the conclusions and areas for improvement from the report. There had been a good development, but there were still areas for improvement, to get to the intended level. With the recommendations, the desired step forward could be made faster and better."

An (anonymous) pension administrator