The ECIIA’s Insurance Committee has set out an ambitious strategy aimed at enhancing the professionalism of internal auditors working in the industry and at building stronger ties between firms, regulators and other stakeholders.
“Many insurance companies have greatly benefited from having strong internal audit functions working as the third line of defence in their businesses and we want to ensure that such best practice is spread throughout Europe,” Enrico Parretta, the Chair of ECIIA’s Insurance Committee, says. “ECIIA is ideally placed to bring together businesses, regulators and other professional bodies to strengthen the value internal audit adds to insurers in future.”
As part of the initiative, the committee plans to publish several position papers during the next twelve months. Topics comprise:
- a clarification of the meaning of independence for an insurer’s internal audit function
- the impact of Solvency II on the attributes and competencies of internal auditors
- the relationship between the Audit Committee and the internal audit function following Solvency II
- and, the role of internal audit in securing the right level of consumer protection for insurance buyers.
The Committee also plans to work with the European Insurance and Occupational Pensions Authority (EIOPA) by responding to its consultations on key issues and meeting with EIOPA representatives over the coming months.