About Us
CornerStone
Cornerstone IFRS Consulting (CIC) is a specialized advisory firm helping Canadian insurers navigate the complexities of IFRS compliance and OSFI capital assurance requirements
WHY US
Deep Canadian Insurance Expertise
Hands-on experience with insurers and successful leadership of IFRS and OSFI compliance projects.
Internal Control Specialists
In-depth knowledge of governance, risk, and control frameworks critical for assurance engagements.
Cost-Effective Excellence
Big 4-level quality at a fraction of the cost, without compromising on rigor or reliability.
PHase 1
We provide comprehensive support in preparing MCT and BAAT documentation, ensuring accuracy, clarity, and compliance.
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Understanding Current Documentation: We review prior annual and quarterly returns, along with existing process and control documentation, to assess requirements and estimate effort.
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Process Walkthroughs: We work with process owners across insurance, market, credit, operational, and other risk areas to map activities, discuss risks, and evaluate controls in place.
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Preparation of RCMs & Narratives: Based on walkthroughs, we create tailored Risk and Control Matrices (RCMs) and process narratives that detail risks, controls, responsibilities, and identified gaps. A consolidated RCM is then finalized and delivered for the entire MCT/BAAT return.
This structured approach ensures robust documentation, stronger internal controls, and alignment with regulatory expectations.
PHASE 2
We evaluate the effectiveness of internal controls to ensure they are well-designed and operating as intended.
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Selecting Controls to Test: We identify key controls across risk areas that are critical for accurate MCT/BAAT reporting.
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Testing Design Effectiveness: Each control is assessed to confirm it is properly designed to mitigate the identified risk.
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Testing Operating Effectiveness: Through evidence-based testing, we verify that controls are consistently applied and functioning in practice.
Resilience. Strategy. Transformation.
Insurers in Canada are facing unprecedented challenges—from the escalating impacts of climate change to increasingly complex reporting standards and evolving regulatory frameworks. These pressures demand not only resilience but also strategic foresight.
Our subject matter experts bring a powerful blend of global insight and local expertise. With deep industry knowledge and technical proficiency, we partner with insurers to address their most pressing issues—whether it’s navigating compliance, optimizing operations, or preparing for future risks.