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Is internal audit in the insurance industry too internal? |
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The FSA sees internal audit practice as an integral part of the insurance industry, from providing assurance on risk management to helping to establish effective control frameworks.
It requires firms to demonstrate that the internal audit function is robust enough to challenge senior management. And it is looking for embedded and effective risk management and control within firms, including evidence of action taken to improve the control framework and to mitigate risk and confirmation of senior management's regard for internal audit findings.
How many insurance firms can claim their internal audit functions are best of breed? Traditionally, internal audit has not been especially innovative or visionary. However, it needs to be today, to ensure that a company's profitability and efficiency are not being allowed to leak away through the holes in its internal systems.
Earlier this year, Moore Stephens commissioned financial research experts, FWD Research, to conduct an independent research survey on internal audit within the insurance market, holes and all.
Click here to download a pdf copy of the report.
For more information:
Simon Gallagher, Moore Stephens LLP
Tel: +44 (0)20 7334 9191
simon.gallagher@moorestephens.com
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