During 2020, we continued to strive for continuous improvement through the redesign of processes and the issuance of corporate policies and procedures applicable to all the companies that make up the Group, with the aim of strengthening their internal control framework.

Our best practices in operational risk management consist of identifying and managing the risks and/or vulnerabilities of the processes before they arise.

As mentioned before, we continue with the survey and evaluation of operational risks in all the companies that make up our Group (operational risk inventory), which will contribute to shorten the time for the management and improvement of different processes and assist more quickly in any contingency and/or vulnerability found in them.

General de Seguros

The following are the most important processes that were implemented in 2020 to further strengthen General de Seguros’ internal control:

Evaluation of the Internal Control to the processes of Line of Business of Damages - Miscellaneous, Agricultural, Auto Line of Business, Agents Administrative & People Line of Business, based on the COSO control framework (Risk Based Control Framework) & COBIT 5 (IT Governance)

Visit to several branches throughout the country to assess the understanding of the operational processes and the identification of controls implemented in them

Self-assessment of controls to the Call Center & Control Desk processes

Follow-up of the implementation of the Remediation Plans

Design and implementation of a work plan for inspections in the critical processes of General de Seguros for 2020, identifying risks and controls

Execution of the recommendations made by the CNSF, as well as by the Internal Control System itself

Reaseguradora Patria

Reaseguradora Patria is currently restructuring its administrative processes in order to optimize operations and enhance the internal control framework. This process will also entail the adoption of operational efficiency and control indicators, which will allow us to follow up on irregularities and take timely action.

Furthermore, Reaseguradora Patria uses an Internal Control System based on the COSO (Committee of Sponsoring Organizations of the Treadway) reference framework, ensuring that business objectives are met and that applicable regulations are complied with, which is based on the following elements: