- A poll conducted by Baker Tilly indicates that more than 83 percent of organizations are highly concerned with entitywide cybersecurity, including 30 percent that ranked it as a top priority.
- With nearly 58% of financial services organizations having between five and fifteen critical vendor relationships and increased focus on vendor controls by regulatory bodies, vendor management is becoming a challenge for banking, insurance and asset management companies.
- During a recent educational webinar, Best practices for ORSA implementation, almost 50% of respondents indicated that their biggest challenge in implementing ORSA is defining the content to be assessed and included in the Summary Report. This is significant, as almost 60% of respondents were in the gathering information stage of their ORSA implementation.
- Baker Tilly uncovered several issues facing insurers during educational sessions presented at the recent 2014 Insurance Accounting & Systems Association (IASA) Educational Conference and Business Show. Key among these issues was the implementation of Big Data, Statement of Statutory Accounting Principles (SSAP) No. 101 and Service Organization Controls (SOC) reporting.
- Baker Tilly is presenting five educational sessions at the 2014 IASA Educational Conference and Business Show June 8-11, 2014, to provide finance and accounting professionals of insurance organizations with industry specific information on big data, the Affordable Care Act, SSAP 101, SOC 2 reporting and trends in privacy and security.