The Strategic Imperative of Internal Audit Services - Pro Global

The Strategic Imperative of Internal Audit Services

By Robert Sherman, US Head of Audit & Advisory at Pro Global


April 24, 2024

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In 2024, the North American insurance sector is facing fresh regulatory challenges. It will be crucial for insurers to collaborate closely with regulators to pave the way towards a future centered around consumers and technology. This collaboration is essential as insurers strive to navigate the implications of AI, expectations regarding risk-based capital, and the effects of climate change, all while ensuring fair coverage for consumers.

With reputations, brands, and quality standards under scrutiny, there’s a pressing need for robust internal audit functions to provide steadfast support and reassurance to insurers that they are maintaining their standards across business functions, and focused on continuous improvements.

Assuring Confidence

Internal Audit Services are strategically imperative for insurers. Regulators and market bodies demand assurance that carriers are upholding their promises, safeguarding their reputation, and adhering to stringent quality standards. This necessitates a thorough evaluation of internal processes, controls, and compliance measures.

Strengthened internal audit functions serve as the frontline defense, instilling confidence by providing independent assurance that risk management, governance, and internal control processes are operating effectively.

Internal audits play a pivotal role in objectively enhancing an organization’s business practices. By scrutinizing culture, policies, and procedures, internal auditors contribute to the oversight of the board and management. They verify the effectiveness of internal controls, assess operational efficiency, mitigate risks, and ensure compliance with laws and regulations. This kind of objective insight can be critical to shaping the future tactics and strategies for an insurer.

The Pro Advantage

However, to reap the full benefits of internal audit services, credibility and expertise are paramount. Pro Global’s team of proven experts stands ready to augment existing staff or provide invaluable third-party insight. Our experienced insurance auditors can provide an independent and unbiased view, adding value to the organization by identifying areas for improvement without operational bias. Whether it’s enhancing current processes or offering a fresh perspective through due diligence and quality assurance, Pro’s Internal Audit Services are tailored to elevate your organization’s performance and compliance standards.

Call to Action

Augment your internal audit team with Pro’s experts or allow Pro to perform a Due Diligence review of your current internal audit program. Get in touch to learn more about how our Internal Audit Services can fortify your business and ensure its sustained success.

Meet our expert

Name: Robert Sherman
Job title: US Head of Audit & Advisory

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