The Role of Internal Audit in Insurance Organizations

The insurance industry, which includes complex products such as property and casualty insurance, life insurance, health insurance, and variable annuities, is part of the larger financial services industry. While the two industries share some common characteristics, insurance organizations also face unique governance, risk management, and control issues. This course provides a strong foundation for understanding the role of internal audit in insurance organizations.

Participants will be introduced to basic terminology, the regulatory environment, risk governance, and risk management issues relative to the insurance industry. Finally, the course presents best practices for managing the internal audit activity in insurance organizations.

Learning Objective(s):

• Describe the insurance industry.
• Identify insurance product lines.
• Recognize unique risks faced by insurance organization.
• Describe an effective audit plan for key risks and controls in insurance organizations.
• Identify subject matter expertise and specialty skills relevant to the insurance industry.