The ECIIA Insurance Committee's thought paper aims to highlight that in order to stay relevant, Internal Audit functions have to transform in alignment with the industry and insurance undertaking in which they operate.
The Internal Audit function also needs to be supported by a set of tangible qualitative and quantitative key performance indicators (KPIs).
This briefing aims to introduce an easy-to-apply method to develop transformation goals, expected progress with relevant stakeholders, as well as encouraging the balance of competing priorities faced by audit function. It leverages the Balances Scorecard method to engage CAEs in a dialogue with the various stakeholders on the quality of an internal audit function and on the alignment with the mandate included in the internal audit charter. It includes the deployment steps of the BSC for the internal audit function and illustrative KPIs examples.
The proposed approach will help CAEs in their dialogue with the various stakeholders.
Full press release on ECIIA
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