Majority of Insurers Have Not Adopted Agile Methodologies within Internal Audit Function

CHICAGO (July 18, 2018) – A flash poll conducted by Baker Tilly Virchow Krause, LLP (Baker Tilly) indicates over half of insurers are only partially prepared to be responsive to change or disruption within their internal audit function.

“Internal audit is in a state of transformation, especially in the insurance industry where innovations are bigger, faster, and require quicker and more fluid responses,” John Romano, CPA, CFE, CIA, senior manager in Baker Tilly’s risk, internal audit and cybersecurity insurance industry practice, said. “Chief audit executives need to respond to these transformations with innovative strategies and agile approaches supported by the appropriate talent.”

“Agile methodologies have been around for a while, but it is finally starting to be incorporated into areas outside of software development within recent years,” Phil Schmoyer, CISA, CFE, senior manager in Baker Tilly’s insurance advisory practice, said. “Through adaptive planning, early development and continuous improvement, the agile methodology is able to assist the internal audit function adapt to emerging risks and the innovative transformations currently affecting the insurance industry.”

Baker Tilly recently held an educational webinar, Internal audit in insurance organizations: Driving value through continuous risk assessment and agile plan delivery, to assist insurers learn about agile methods and its applicability to internal auditing in insurance organizations.

The webinar presenters discussed:

  • Agile methods and applicability to internal auditing
  • Methods for bridging the gap from the current state audit approach and implementation of continuous risk assessment and agile audit planning
  • Agile methods to the internal audit planning cycle and audit and advisory engagements

Presentation slides and a recording of the webinar are available at bakertilly.com/insights/internal-audit-in-insurance-organizations-driving-value-through-continuous/.

About Baker Tilly Virchow Krause, LLP (bakertilly.com)

Baker Tilly Virchow Krause, LLP (Baker Tilly) is a nationally recognized, full-service accounting and advisory firm whose specialized professionals connect with clients and their businesses through refreshing candor and clear industry insight. With approximately 2,800 employees across the United States, Baker Tilly is ranked as one of the 15 largest accounting and advisory firms in the country. Headquartered in Chicago, Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 147 territories, with 33,600 professionals. The combined worldwide revenue of independent member firms is $3.4 billion.