Management Control System

Management Control System

1. It is a process made up of different elements that involve the entire organization whose final objective is to provide information to control the management of the company.

   • Management Control
     • It is an administrative instrument created and supported by the management of the company that allows it to obtain the necessary, reliable and timely information for making operational and strategic decisions. The management control is the process that measures the effective and permanent use of the resources that the company has to achieve the objectives previously set by the Management.
   • Status of Internal Control Systems
     • There are several conceptual interpretations when it refers to "Internal Control" both for the business world and for public organizations, going from being considered an activity to an authority exercised transversally in the organizational structure.
       • Based on The Dai-ichi Life Insurance Company
         • ¿What's The Dai-ichi Life Insurance Company? was established in 1902 as Japan's first mutual insurance company. Today, the Dai-ichi Life Group is one of the world's largest life insurance groups, with consolidated revenues of $85 billion AUD and total assets of $578 billion AUD (as at 31st March 2016).
         • Executive officers are elected by the Board of Directors and carry out duties assigned by the Board of Directors.Dai-ichi has an Executive Management Board that consists of the president and executive officers appointed by the president and meets twice a month, in principle. As of June 30, 2013 Dai-ichi had 13 directors (including two outside directors) and 26 executive officers (including nine officers who are concurrently directors)
         • To further enhance management transparency, Dai-ichi has established a Nomination Committee and a Compensation Committee, each of which consists of:
           • Chairman
           • President
           • Outside members, as independent advisory committees to the Board of Directors.
         • Dai-ichi has established a Basic Internal Control Policy, which sets out its basic approach and policy concerning internal control.
         • the Company has set up an Internal Control Committee. The Committee is a special organization assisting the Board of Directors and the Executive Management Board and is responsible for the following:
           • Promoting the establishment and operation of an internal control system
           • Checking the appropriateness of financial reports and the effectiveness of internal audits
           • Checking and discussing issues of compliance, the protection of information property
           • The handling of antisocial forces as an organization overseeing the Compliance Committee, Risk Management Committees, and Antisocial Forces Handling Committee.

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