- The demands on the internal audit departments of insurance organizations have increased significantly in recent years as technology advances, regulation becomes more rigorous, new risks emerge, and companies seek more business insights. Internal audit plays a crucial role in providing assurance on an organization’s governance, risk management, and control processes to help achieve strategic, operational, and financial objectives while balancing compliance objectives and expectations from regulators. Internal audit departments need to leverage an understanding of insurance industry trends, feedback from leadership, and available public information to add value to the organization – to optimize internal audit value.
- Under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), the Consumer Financial Protection Bureau (CFPB) will require lenders to provide new disclosures and meet new regulations on August 1, 2015.
- Project Risk Reviews (PRRs) help organizations mitigate risks by providing increased visibility, detecting issues earlier, improving effectiveness and quality of processes, and reducing overall project costs to help projects succeed.
- The demands on internal audit of insurance organizations have increased significantly in recent years as technology has advanced, regulation has become more rigorous, risks have emerged and companies have sought more business insights from internal audit teams.
- Practical tips were developed by HHS OIG, the Association of Healthcare Internal Auditors, the American Health Lawyers Association, and the Health Care Compliance Association to help hospital governing boards with their compliance plan oversight obligations.
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