The monitoring of management and control processes by means of internal audits is aimed at improving business processes and creating added value for the company. The internal audit is performed by Mazars AG, which reports directly to the Auditing Committee. Within the scope of its work, Mazars AG prepares a report for the Foundation/Administration Board, which also contains the results of the internal audit.
PricewaterhouseCoopers AG, Basel, has been mandated to conduct the external audit of the consolidated financial statements. Enrico Strozzi has been lead auditor since 2019.
The company’s goals and their achievement are regularly monitored in the context of the strategy review. A management information system (MIS) produces an evaluation of the factors supporting the achievement of the relevant company goals as well as of any divisional goals relating to these. The results then flow into the strategic planning process that is carried out at regular intervals.
In pursuing its risk management strategy, Sympany employs a company-wide systematic approach to identifying, assessing, analysing and managing risks.
Internal control system (ICS)
Sympany’s ICS uses the international COSO internal control standard (Committee of Sponsoring Organizations of the Treadway Commission) as a benchmark, as well as the general principles of risk management and internal control systems as per the Swiss Financial Market Supervisory Authority (FINMA) Circular 2017/2 on Corporate Governance – Insurers. The reporting is validated by the Foundation/Administration Board.