Internal Audit Review – Land Bank Credit Life Insurance Operations

The Land Bank requests an internal audit review of its Operations Function, specifically focusing on the Credit Life Insurance division, which generates approximately R6 million in annual premium income. The review covers the period from 1 October 2025 to 30 June 2026 and encompasses Land Bank Life Insurance operations related to loan accounts. The audit will evaluate: (1) governance and structure of the Operations Function, including Board-approved staffing and reporting lines; (2) policies and procedures, their existence, review frequency, and alignment with legislative requirements; (3) policy administration processes including new policy onboarding, renewals, reinstatement of lapsed policies, and cancellations; (4) premiums, covering authorisation, validity, accuracy, completeness, timeliness, classification of policy status, and processing of refunds; (5) claims administration, authorisation, validity, accuracy, and management of claims float; (6) bank reconciliations relating to premiums and claims; (7) complaints processes; (8) reporting and escalation to the Audit and Risk Committee; and (9) information safeguarding and system access. The engagement will also conduct root cause analysis of incidents, non-compliance, process failures, control breakdowns, or adverse outcomes. The service provider must independently execute the review end-to-end using Land Bank's Internal Audit methodology and working paper templates (or approved alternatives). The engagement is estimated to last approximately 2 months. All deliverables, working papers, and evidence will be uploaded to Land Bank's systems using an assigned laptop.