Citizens Property Insurance Corporation Audit Committee Approves New Information Technology Audit Manager Position

The Citizens Property Insurance Corporation (“Citizens”) Audit Committee (“Committee”) met via teleconference on July 15, 2010. 

The Committee voted to approve the addition of an Information Technology (“IT”) Audit Manager position to the Citizens Office of the Internal Auditor (“OIA”) staff.  The IT Audit Manager will be responsible for overseeing and managing day-to-day execution of Citizens’ IT Audit Plan, IT Direct Audit Support and supporting CORE systems strategic initiative monitoring.  (Insurance company core systems consist of primary data processing applications that automate underwriting, policy administration and claims handling).

Having a staff IT Audit Manager is expected to result in saving half of the 2011 professional fees that are typically used to hire various IT audit consultants.  The new position and corresponding savings, offset by incremental software maintenance and licensing cost increases, will result in a three percent increase in the projected 2011 IT budget.  Meanwhile, the 2010 budget will increase by approximately six percent as a result of this staffing change.

The OIA also plans to fill an open position created by the resignation of its Senior IT Auditor in May.  The Committee reported that there have been no delays in the execution of the 2010 Audit Plan as a result of the vacancy.

With no other items on the Committee’s agenda, the meeting was adjourned.

Meeting materials are attached for review.

Should you have any comments or questions, please contact Colodny Fass.

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