Assurance & advisory services
Insurance
PRECISE. PROVEN. PERFORMANCE.
Internal audit outsourcing
Solvency II, increasing regulatory focus on the three lines of
How can we help?
defence model, and the requirements of the Chartered Institute
Moore Stephens offers fully outsourced internal audit services to
of Internal Audit’s Guidance to Internal Audit in Financial Services
a range of clients in the insurance industry, using a team that is
have all served to increase the expectations of Internal Audit.
dedicated to the sector.
An effective Internal Audit function needs to support business
Benefits of our approach
requirements, both from a commercial and a regulatory
Our approach is innovative, forward looking and engaging. We
perspective, and ensure the relevance and reliability of the
place the focus not only on what we deliver, but how we
assurance provided. Internal Audit needs to be robust, fit for
deliver internal audit services; through a service style built
purpose and proportionate to the risks that your firm faces.
around our values.
Whilst this can be provided through in-house capability, many
insurers are now turning to outsourcing as a more cost efficient
A senior staff engagement model
and value generating model.
Our approach is partner led, bringing senior engagement and
expertise to the internal audit service. Our team has worked in
Main drivers for outsourced internal audit
senior roles in internal audit functions in industry, bringing
gravitas to our team and depth to our understanding of top
quality internal audit. We look to provide a real partnership with
you, supporting the development of your IA function through
Independence and objectivity
technical training and insight sessions, as well as bringing
emerging risk and market perspectives to bear to assist in
developing a risk based audit plan.
Subject matter expertise
An engaging and co-ordinated working style
Our approach is collaborative and engaging, working to a
philosophy of continual improvement in our service and delivery,
Geographical coverage
and recognising the importance of good stakeholder
engagement. We will work with you as part of an integrated
team to help support improvement and mitigate risks. Our
Cost reduction, managing peaks and
troughs in assurance needs
approach incorporates follow up on issues raised and ensuring
that lessons learned are identified, harnessed and utilised to
drive future improvements. We ensure regular communication
and dialogue with the Audit Committee Chair and key
Market leading practices, tools and technology
stakeholders, bringing timely insights and emerging risk
considerations to the table, ensuring robust project
management of in-flight work and ‘no surprises’ in the
reporting of our findings and recommendations.
Insurance
PRECISE. PROVEN. PERFORMANCE.
Subject matter expertise
Innovative reporting
Our approach ensures internal audit expertise and the
Our internal audit reporting combines a balanced assessment on
deployment of experienced, senior subject matter experts on all
the overall control environment and gaps in the design or
relevant audits. Using subject matter experts brings deeper
effectiveness of controls (along with an assessment of the risk
insights, benchmarking against wider industry practices and
significance of each finding). Our reporting also sets out
emerging risk considerations into internal audit assurance.
pragmatic improvement ideas and recommendations to develop
Typical areas where such subject matter expertise is applied from
the control environment or to improve efficiency, often
our Insurance Sector team include:
presenting this as a maturity profile against practices in the
• prudential regulation (Solvency II and Senior Insurance
wider insurance market.
Manager Regime) and conduct regulation (financial crime,
product governance and anti-bribery and corruption);
Our reporting also includes clear articulation of the rationale
• culture;
behind the risk based internal audit plan and an annual
• technology;
assessment report, which provides an overall assessment on the
• information security and data privacy and protection;
key themes, trends and root causes of issues raised over a
• pricing, reserving and exposure management;
calendar year, and an assessment on the overall effectiveness of
• risk based capital;
the governance and risk management frameworks.
• data governance and management;
• change management;
• taxation; and
• corporate finance.
Market leading practices, tools and technologies
We have developed a flexible approach with which to tailor our
services to your needs. Our services are always bespoke to your
business model, strategy and culture. In developing a risk based
internal audit plan, we identify and agree alternative approaches
to the assurance, to ensure its relevance to your needs and risk
profile. Such approaches may range from full scope audits,
thematic reviews (for example across a range of territories,
subsidiaries or branches), targeted (limited scope) reviews,
continuous monitoring (for example of a change programme) or
the use of data analytical tools to interrogate underlying systems
and data.
Please contact Ian Gardner to discuss your needs.
Ian Gardner – Partner
[email protected]
Moore Stephens LLP
150 Aldersgate Street, London EC1A 4AB
T +44 (0)20 7334 9191
www.moorestephens.co.uk
We believe the information in this factsheet to be correct at the time of going to press, but we cannot accept any responsibility for any loss occasioned to any person as a result of action or
refraining from action as a result of any item herein. Printed and published by © Moore Stephens LLP, a member firm of Moore Stephens International Limited, a worldwide network of
independent firms. Moore Stephens LLP is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Authorised and regulated
by the Financial Conduct Authority for investment business. DPS36352 June 2017