Insurance sector risks and priorities for 2023

read timeRead time: 20 mins

In January, we published our views on the issues facing insurance sector firms and their internal audit functions during 2022. We highlighted that recent years have seen considerable challenge and change, primarily as a result of the Covid-19 pandemic. It is fair to say that challenge and change has continued as a theme into 2022, but for different (and often connected) reasons.

As we look ahead to what 2023 has in store, there are a number of important topics that should be “front of mind” for firms and their internal audit functions. Our Governance, Risk & Control Assurance team have categorised these into five areas:

1. Protecting the consumer
2. Financial management
3. Governance, culture & people
4. Operational & IT risks
5. Regulatory change

Read our guide to understand the risks and priorities for the insurance sector in 2023.