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Insurance Industry Advisory Services home Representative Engagements Clients Key Contacts: |
Risk Management & Control Services |
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Today’s business environment places an increased focus on risk. While public insurers have wrestled with the financial reporting and internal control-related requirements of the Sarbanes-Oxley Act of 2002, both they and the larger non-public insurers will soon have to contend with the provisions of the NAIC’s new Annual Financial Reporting Model Regulation. Also, state insurance regulators are moving to a risk-focused examination approach which expects insurers to have sound risk assessment and management processes in place. The launching point for such examinations is the performance of a risk assessment; the new examination approach will be required for insurers of all types and sizes, and will delve into all risks – not just those related to financial reporting. Once risks are identified it is incumbent upon the company to assess its exposure and to adopt appropriate mitigation strategies. Further, they must also develop monitoring procedures and tools to ensure these risks remain controlled and any new or changing risk profiles are identified and addressed timely. And, the trend towards outsourcing functional responsibilities to third party vendors only adds to the complexity of this challenge. The bottom line is that insurers are encountering risks at every turn which must be proactively managed. Invotex professionals have assisted insurers with their assessment, management and monitoring programs relative to risk, whether from internal or external sources. Our consultants have rich and varied experiences as partners and managers with “Big 4” accounting firms providing services to the insurance industry, and in financial and operational management roles with respected national and international insurance companies. Through these experiences we have developed expertise in performing due diligence reviews or internal audits and investigations relating to:
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