Client story

Primero Finance: our choice of internal auditor ticks all the boxes

insight featured image

“Our partnership with Grant Thornton Baltic’s internal auditors started in 2016 and it’s clear we hit the nail on the head with our selection,” says CEO of Primero Finance OÜ, Marti Küttis.

Founded in 2013 and part of the international Eleving Group, Primero Finance is a fintech company that specialises in loans for purchases of vehicles and loans secured by vehicles. Most of the company’s customers are individuals. By law, Primero Finance is a credit provider and bound by internal audit requirements. Even if it was not required to do so under law, Küttis would use the services of an internal auditor. “I see our relationship as a value-generating partnership, not anything onerous,” he said.

Attention to detail

Küttis says internal audits yield several benefits for a company. “If you’ve been in a sector and in business for a long time, certain things seem simple and logical and nuances that need to be addressed go unnoticed. But an internal auditor’s fresh perspective leads us to view things from a different perspective. Secondly, internal audits are a great way to get confirmation that we are doing our work well and work processes meet the specifications of legislation and internal procedures,“ Küttis said in describing the value-added generated from internal auditing activities.

Of course, internal audits can also reveal areas that can be improved. “Anti-money laundering and counterterrorism measures are forever changing. When we underwent an audit in this field, we received many good tips and relevant advice how to change risk appetite and risk assessment documents,“ said Marti Küttis. He confirms that Grant Thornton Baltic’s internal auditors are always very thorough and attend to details as well. “For example, they review internal procedure rules and if these contain anything that is not clearly understandable, the internal auditors will flag it and we can tighten up the wording,“ said Küttis.

A fresh outside look

Usually, one internal audit is conducted at Primero Finance each year and one follow-up monitoring as to whether the recommendations of previous audits are being followed. The selection of the topic for the internal audit is made based on several aspects. If regulations have changed in any field, the internal audit can help provide assurance that the new rules have been followed right down to the details; or an internal audit is commissioned for a segment where there is a sense that a fresh perspective is needed.

Marti Küttis describes the Grant Thornton Baltic internal audit team as professional, trustworthy and constructive. “The work is well managed and organised. The topics and schedule for internal audits are in place, we always know when and how something is being done. Our communication is very pleasant – both parties are after all making efforts for a good result.”

Topics for Grant Thornton Baltic internal audits at Primer Finance OÜ: provision of credit, including adherence to the responsible lending principle; personal data processing and protection; risk assessment; review of internal audit documentation; anti-money laundering and counterterrorism; audit of debt collection proceedings.

The team of internal auditors includes Kai Paalberg, Merili Kiipus, Riin Stamm and Kristina Mjasojedova.