The Minnesota Department of Commerce has produced this helpful guide to answer your questions about risk questionnaires.
While there is no specific limit to the length of the responses, it is expected that the responses will consist of an executive summary, generally describing how specific risks are handled within the organization, rather than extremely detailed responses. We will request further information if necessary.
The main focus should be on economic loss. Question #30 addresses financial statement presentation risk from a controls and management perspective. Question # 43 addresses financial presentation risk from a legal perspective. To the extent that economic loss could be caused by presentation errors, economic loss should remain the focus.
Companies need Microsoft Access version 2000 and above to complete the questionnaire. It is recommended that the questionnaire file be placed on a shared network drive. This can be helpful if the individuals completing the various sections of the questionnaires are from different organization units.
Contact Insurance Examinations Coordinator Peter Foley II at (651) 296-8541, or E-mail at firstname.lastname@example.org.