Achieving 100% Audit Compliance by Fixing Data Errors in Bordereaux Reporting

Client Overview

A prominent global insurance provider faced mounting audit risk as data discrepancies in their Bordereaux process drew scrutiny during an external audit review by KPMG.

Problem Statement

The client’s Bordereaux process revealed multiple compliance vulnerabilities:

• Inconsistencies in premiums and claims data raised concerns about accuracy.
• The process was flagged for a critical external audit by KPMG, adding pressure to rectify errors quickly.
• These inaccuracies risked audit failure, jeopardizing the client’s regulatory standing and reputation.
• The absence of a transparent data management workflow made it difficult to explain discrepancies to auditors.

Solution Provided

Decimal Point Analytics deployed it's Compliance and Risk Management Services to bring structure, transparency, and control to the audit process:

• Conducted an in-depth data review to ensure audit readiness and accuracy.
• Identified and corrected discrepancies in premium and claims reporting, backed by supporting documentation.
• Established a transparent, step-by-step data workflow tailored for audit clarity and ease of explanation.
• Worked closely with KPMG auditors to resolve concerns promptly and effectively.

Outcome

• The client completed the audit successfully, with zero significant findings resulting in achieving full compliance.
• Strengthened internal confidence in the accuracy and reliability of Bordereaux reporting.
• Significantly reduced audit preparation time and streamlined compliance readiness.
• Improved transparency and traceability reinforced trust with auditors and regulators.

Key Takeaway

Clear documentation, proactive audit collaboration, and structured data workflows are essential for mitigating compliance risk and achieving audit success in the insurance sector.

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