At its recent big data and artificial intelligence meeting, the NAIC discussed growing trends in life insurance.

NAIC survey reveals continued growth of AI within life insurance industry

A strong data governance program and framework is essential as organizations are picking up data usage and regulators are becoming stricter on the handling of sensitive information. 

Establishing a framework for practical data governance in the insurance industry

Listen to this on-demand session from Baker Tilly’s Fraud Summit 2023 for a discussion on digital asset governance.

Listen to this on-demand session from Baker Tilly’s Fraud Summit for a discussion about Digital asset governance.

The Federal Reserve Bank of New York has started a pilot project to study the feasibility of using distributed ledger technology to manage a digital dollar. Both banks and fintech investors need to prepare for the Fed’s next steps.

Banks, investors need to plan as Fed’s digital dollar pilot launches

Confused by all the latest information about smart contracts? We've created an insight that we will periodically update house the most up-to-date information surrounding smart contracts. 

As smart contacts become more prominent in the insurance industry, see how organizations are using them to access new markets.

Smart contracts: the potential next wave of defi, crypto and digital assets to impact the insurance industry

Digital currency is emerging into the banking ecosystem, learn why financial institutions should consider the potential benefits of integrating cryptocurrency.

Why cryptocurrency may be exactly what your bank needs now

The following is a list of the NAIC Insurance Data Security Model Law's provisions and key areas to consider when reviewing your company's information security management program.

Navigating the NAIC Insurance Data Security Model Law

SWIFT, the global provider of secure financial messaging services, is now requiring financial institutions using the interbank messaging network to comply with its new cybersecurity standards.

SWIFT requiring users to comply with new cybersecurity rules

Colorado recently introduced Senate Bill (SB) 21-169 protecting consumers from insurance practices that result in unfair discrimination due to big data, algorithmic and predictive analytics.

With more and more insurers embracing new technologies and data analysis tools, states are starting to release new regulations to govern the use of AI and machine learning

Various states push momentum towards regulating insurer's use of artificial intelligence

Colorado, New York take the lead on regulating insurer’s use of artificial intelligence

Watch this on-demand webinar and read key takeaways from our Baker Tilly insurance professionals covered updated U.S. GAAP and statutory accounting guidance, ESG and the SEC, tax updates and an overview of the digital assets landscape.

Insurance hot topics: 2022 year-in-review key takeaways

Insurance hot topics: 2022 year-in-review

During this on-demand webinar, our insurance and IT specialists highlighted today's trending key changes and trends in the insurance industry and how to be prepared for change.

During this webinar, our insurance and IT specialists highlighted today's trending key changes and trends in the insurance industry and how to be prepared for change.

Top cyber trends and emerging risks in the insurance industry

On July 29, 2022, the New York Department of Financial Services (NYDFS) released Draft Amendments to its Part 500 Cybersecurity Rules.

New York Department of Financial Services updates cybersecurity requirements for financial services organizations

NYS DFS cybersecurity regulations were signed into law on Feb. 16, 2017. These new sweeping regulations will pose challenges for financial services organizations that do business in New York.

Final NYS DFS cybersecurity regulations signed into law

Russ leads Baker Tilly’s financial services risk advisory practice in the New York Metro area, as well as Baker Tilly’s digital assets practice. He has more than 18 years of experience in serving financial services, digital assets and technology organizations navigate their governance risk and compliance expectations, specializing in IT risk and cybersecurity. Russ has led a broad array of projects, including regulatory examinations, internal controls advisory, internal audit, cybersecurity and regulatory compliance consulting, information technology audit and risk assessment, vendor risk management, enterprise risk management and SOC 1/2 reporting.

Russ leads Baker Tilly’s financial services risk advisory practice in the New York Metro area, as well as Baker Tilly’s digital assets practice.

Bachelor of Science in accounting
Ramapo College (Mahwah, New Jersey)

American Bankers Association Compliance School – depository and lending modules

Leads Baker Tilly’s IT and cybersecurity examinations practice, executing IT and cyber examinations on behalf of more than 30 state departments of insurance

Oversees planning, execution and client management for a wide variety of complex governance, risk, IT, compliance and regulatory projects

Collaborates with clients to prepare for IPO readiness, design and implement enterprise risk management (ERM) programs, conduct Sarbanes Oxley (SOX) control gap assessments, execute SOX programs

Executes internal, compliance and SOX audit plans in a fully outsourced and co-sourced capacity for insurance companies (P&C, life and heath), financial institutions and national securities exchanges

Trains financial services regulators and examiners on how to conduct examinations addressing emerging regulations 

Assists clients in mapping business processes to regulatory and industry guidance including SEC, NIST, FINRA, CFTC, IOSCO, NY DFS, NAIC, NIST, ISO, COBIT, GDPR, CA CPA, etc.

Leads SOC 1/2 readiness assessments and examinations with financial services clients

Designs and executes tests of incident response, disaster recovery and business continuity plans

System & Organization Controls (SOC) Reporting

The Sarbanes-Oxley (SOX) Act continues to place significant requirements on financial services organizations. SOX Section 404 requires that organizations establish, maintain and regularly assess internal control over financial reporting (ICFR). Considering the level of effort needed to build and maintain an effective SOX program, it is imperative that organizations periodically assess the program to identify efficiencies, challenge risk assessment, review documentation, streamline risk and control self-assessments (RCSAs) and align testing efforts.   On May 21, join Baker Tilly internal audit and compliance specialists for a webinar where they will delve into the intricacies of SOX compliance within the financial services industry. They will share steps for achieving both short and long-term compliance while balancing regulatory requirements with operational needs. Learn more about the current state of SOX compliance for financial services organizations, emerging strategies and the latest tools designed to streamline SOX compliance processes. Beyond this, we will also cover how to best understand the questions that will help you perform a comprehensive ‘health check’ on your SOX program to assess both efficiency and compliance. Questions will be encouraged throughout the webinar.   Learning objectives:   State effective strategies for optimizing and rationalizing controls to enhance operational efficiency without compromising compliance standards   Describe insights into the leading practices of conducting risk assessments and leveraging risk and control self-assessments to identify potential control gaps and improve risk management processes   Discuss the importance of seamless collaboration with external auditors, ensuring a transparent and cooperative approach that aligns with regulatory expectations and reduces impact on your process owners  Explain the latest tools and technologies designed to streamline SOX compliance processes, from documentation to reporting, enhancing overall efficiency and accuracy  Information about CPE eligibility:  There are no prerequisites for this webinar, and advance preparation is not required. There is no cost to attend this webinar. A certificate of completion will be emailed to you four to six weeks after the event.   Level: Overview   CPE credit: One (1) hours total credit  Field of study: Specialized Knowledge  For more information regarding administrative policies such as complaint and refund policies, please email learning@bakertilly.com.  Baker Tilly is registered with the National Association of State Boards of Accountancy as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: nasbaregistry.org.

Financial Services

Russell  Sommers

Mark J. Boettcher

Insurance

Banking & Capital Markets 

Insurance Regulators

Health Plans

Risk Advisory

Sarbanes-Oxley (SOX) Compliance

Navigating the financial services compliance landscape: A deep dive into SOX compliance

Baker Tilly is proud to be sponsoring the 2024 NAMIC Management Conference in Boston. This conference is a summit for CEOs, senior executives and future leaders within the insurance industry. It will feature power sessions focused on strategy, innovation, leadership and industry trends as well as operational and emerging issues to look out for.   Who should attend? Chief executive officers, chief financial officers, chief operating officers, executive vice presidents, senior vice presidents and future leaders  Baker Tilly’s insurance industry practice leader Ken Hugendubler and financial services risk advisory partner Russ Sommers will be attending. See you there! 

Russell Sommers

Location

Iselin, NJ

Education

Expertise

Russell's latest insights

NAIC survey reveals continued growth of AI within life insurance industry

Establishing a framework for practical data governance in the insurance industry

Digital asset governance

Banks, investors need to plan as Fed’s digital dollar pilot launches

Smart contracts 101