Insurance sector risks and priorities for 2023
Service: Sector: In January, we published our views on the issues facing insurance sector firms and their internal audit functions during 2022. We highlighted that recent years have seen considerable challenge and change, primarily as a result of the Covid-19 pandemic. It is fair to say that challenge and change has continued as a theme into 2022, but for different (and often connected) reasons.
As we look ahead to what 2023 has in store, there are a number of important topics that should be “front of mind” for firms and their internal audit functions. Our Governance, Risk & Control Assurance team have categorised these into five areas:
1. Protecting the consumer
2. Financial management
3. Governance, culture & people
4. Operational & IT risks
5. Regulatory change
Read our guide to understand the risks and priorities for the insurance sector in 2023.