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Good corporate governance is not new to Brown & Brown. Our culture demands a strong internal accounting control system to protect and perpetuate the decentralized system that is fundamental to our success. At Brown & Brown, we have a staff of 15 internal auditors reviewing our financial controls on a rotating schedule. Every operation is reviewed at least once every 18 months. Attention to the smallest of details provides an environment for solid decision-making and investor trust.
We also supplement our financial audit staff with Quality Control Review Teams of insurance professionals that scrutinize the sales and service operations in each of our profit centers. Quality Control is preventive medicine for errors and omissions liabilities. Further-more, recommendations made by the Quality Control Analysts provide enhancements to our client service processes, and therefore to our bottom line.
These teams regularly perform risk analysis which combine financial internal control elements with quality control internal control elements. The product of the analyses become the planning map for each year. This framework helps provide a level of confidence in our financial and operating statements that is unsurpassed in the industry.
Each quarter, detailed written and verbal reports are made to the Audit Committee of the Board of Directors. All aspects of our profit centers come up for review in these committee meetings. Financial and quality control issues are evaluated, and plans are put in place to mitigate and eliminate any undesirable trends. In the end, it is the integrity of our financial reports that comes first.
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