How internal audit plays a role in helping organisations respond to industry challenges
EY continually gathers valuable insights into the challenges facing the insurance industry. In our content series, we explain the role internal audit can play in helping organisations respond to those challenges. By carrying out discussions across the insurance industry, looking at internal audit practices across multiple sectors and interacting with regulators, we have identified five hot topics that internal audit needs to focus on: operational resilience, senior managers and certification regime (SM&CR), investment strategy, workforce-based regulations and cloud security assurance.
Each of these areas brings its own challenges, and the expectations on internal audit in providing ongoing assurance is increasing. The failure to identify and address risks associated with SM&CR, workforce-based regulations, cloud security assurance and operational resilience could lead to fines and other regulatory action, as well as reputational damage. Continued financial market instability will put stress on the investment and capital positions of non-life or general insurers (GIs). This will make decisions concerning investment allocation all the more important.
Our content aims to guide you in your future internal audit activity, as well as inform you about the scope of items reviewed, increase the value which internal audit brings to key stakeholders and aid the understanding of common challenges across the industry.