This download explores how the internal audit (IA) function has evolved from a traditional compliance-focused unit into a strategic business partner capable of delivering significant and measurable value to insurance companies.
What You Will Learn
The guide breaks down the modern, forward-thinking role of internal audit and identifies the key areas where it creates value:
- Proactive Risk Management: Move beyond reactive error detection to assess and mitigate a broad spectrum of risks, including underwriting, actuarial, investment, operational, cyber, and emerging risks.
- Regulatory Compliance: Navigate insurance regulations (like Solvency II) to avoid costly penalties and reputational damage.
- Operational Excellence: Act as a catalyst for efficiency by identifying bottlenecks and opportunities to streamline processes across claims, underwriting, and policy administration, directly leading to increased profitability.
- Technology and Data: Gain vital oversight of IT systems, cybersecurity, data privacy, and the auditing of advanced technologies like AI and machine learning.
- Corporate Governance: Provide crucial assurance to your board and stakeholders by evaluating the effectiveness of your company’s governance structures and ethical standards.
The guide also provides actionable advice on how internal audit can enhance its value, focusing on developing a risk-based audit plan, building strong stakeholder relationships, and investing in technology and skills to adopt a proactive, forward-looking approach.
