CHICAGO (March 12, 2015) – Corporate governance and cybersecurity threats were found to be the greatest focus areas in the insurance industry within the next two years in a poll during Baker Tilly Virchow Krause, LLP’s (Baker Tilly) recent educational webinar, 2015 Hot Topics in National Association of Insurance Commissioners (NAIC) Risk-Focused Examinations. The webinar assisted insurance regulators and insurance organizations in understanding key topics and current trends in risk-focused examinations.
More than 80% of respondents1 saw cybersecurity threats as the greatest impact to the insurance industry in the near future.
“Companies are more reliant on technology and third party vendors for various processes, leaving them more exposed to cybersecurity threats,” said Christine Anderson, CITP, CPA, managing partner – assurance and firm leader of the financial services practice at Baker Tilly. “Cybersecurity and vendor management are driving forces for the increased scrutiny of insurance organizations’ corporate governance.”
Also, more than 58% of respondents2 believe corporate governance assessments will garner the most focus during examinations by state regulators.
The webinar discussed:
- Updates affecting risk-focused examinations to be performed in 2015
- Trends in the industry impacting current and prospective risks on examinations
- How to improve the efficiency of an examination
82.2% of respondents answered “Increased cybersecurity threats.” Poll question during 2015 hot topics in NAIC risk-focused examinations on Feb. 11, 2015.
58.5% of respondents answered “Corporate governance assessment.” Poll question during 2015 hot topics in NAIC risk-focused examinations on Feb. 11, 2015.
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 2,700 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.