HSE property insurance audit finds system ‘unsatisfactory’

An internal audit into HSE property insurance found that the level of assurance about the “adequacy and effectiveness” of the governance, risk management and internal control system was unsatisfactory.  

The HSE told this newspaper that it established a working group to implement the recommendations arising from the findings of the internal audit of HSE property insurance. The audit was issued on 15 July 2022.

“This working group includes members of Capital and Estates and the National Finance Division including internal insurance specialists,” the spokesperson told the Medical Independent (MI). 

The objective of the group is to determine a plan to systematically address the recommendations arising from the internal audit report.

“Progress is ongoing with three of the findings currently implemented. The remaining recommendations (six) are expected to be implemented by quarter three 2023.” 

The audit findings were discussed at the HSE audit and risk committee’s meeting in September, according to minutes.

A “key component” of the audit was to establish the accuracy and completeness of internal databases and registers used to record properties and their associated values, the meeting heard.

In response to the discussion, the committee “requested that major assets such as acute hospitals” should be revalued.

The HSE’s spokesperson told MI it has since conducted an “initial review of its insurance valuation and an initial uplift of its property portfolio has taken place”.

“The working group are tasked with delivering an updated detailed review which will determine if any further uplift on these valuations is required for insurance purposes. They are being assisted by external specialists in construction and property insurances, which will inform the outcome of the review as noted.”