Major organisations across the globe are attuned to the urgent need to transform their business and operating models in light of evolving customer behaviours, uncertain and challenging economic conditions, disruptive technologies, regulatory policies and globalisation.
Major organisations across the globe are attuned to the urgent need to transform their business and operating models in light of evolving customer behaviours, uncertain and challenging economic conditions, disruptive technologies, regulatory policies and globalisation. It is clear that organisations are seeking an approach to internal audit that goes beyond reviewing past activities. Instead, they want internal audits that are insightful, forward-looking and go beyond preserving value to creating value on an organisation-wide level.
Emerging markets, new product entrants, challenging cost structures and evolving regulations are categories of risks in which we are seeing significant strategic responses by management to monitor these risks. The resulting initiatives require internal audit teams to be more broad based and adopt a holistic approach to their planning and execution methodology in order to be effective business partners.
It is an imperative for Internal Audit to transform continuously. The Internal Audit function must evolve over time using the latest innovations, thereby showcasing its ability to stay ahead of the times. This transformation will become relevant when the Internal Audit is assessed on an annual basis and indicate to the governance bodies that they are able to meet the ever changing needs of the organisation.
Internal Audit must integrate its approach to deliver real results. The greatest business needs for Internal Audit to respond to in the insurance environment currently are:
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