MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 33 Activities and Major Developments Related to Activities Financial Status Risks and Assessment of the Governing Body Unconsolidated Financial Statements Together with Independent Auditors’ Report Thereon Consolidated Financial Statements Together with Independent Auditors’ Report Thereon General Information Financial Rights Provided to the Members of the Governing Body and Senior Executives Research & Development Activities in line with the activities, are assessed and approved by Internal Control and Risk Management Department in terms of the mentioned principle. Development and change requests of users on systems based on their business requirements or solution requests in respect of malfunctions arising in systems are monitored through Help Desk Service and critical issues that may affect the financial statements or that could lead to legal risks are given the priority. In case of detection of any adverse situation within control activities, urgent action is taken in order to perform necessary adjustments and take preventive measures. Activities Conducted from Control Environment Control points stated in the relevant department’s flowchart and those risks and control points determined by Control Centre are taken into consideration during the control activities conducted in departments, while those performed in IT Centre are based on COBIT (Control Objectives for Information Related Technologies) standards. In this context, transactions in respect of reinsurance processes, accounting transactions, payments, processes in respect of fulfilment of legal obligations, transactions in respect of debt collection, accounting periods, and preparation of financial statements; marketing, processes related to reporting and information systems are controlled by considering practice frequencies of related processes. Detected issues are reported to Control Centre via Risk Warning Reports. Therefore, it is ensured that preventive and supplementary measures are instantly taken, appropriate and applicable solutions that will improve processes and operations are put into practice.