- 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.
- Best’s Review, a monthly insurance news magazine published by A.M. Best Company, just released rankings of the top audit and actuarial firms in the US. Within the Top Audit and Actuarial Firms lists compiled by A.M. Best, Baker Tilly ranked fifth in the Top Health Audit Firms category and eleventh in the Top Property and Casualty Audit Firms* category.
- Baker Tilly is helping insurance organizations understand Statement of Statutory Accounting Principles (SSAP) No. 101, Income Taxes, A Replacement of SSAP No. 10R and SSAP No. 10. During a recent educational webinar, SSAP No. 101: Issues to consider, 70% of respondents indicated they continue to have questions and issues with the tax provision process.
- 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.
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