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A global specialty insurance organisation had been growing rapidly through a roll-up strategy to position itself for an initial public offering (IPO). The acquisitions created multiple underwriting and policy management processes and systems that were hindering operational efficiency. Executive leadership understood that to achieve the highest equity valuation possible it would need to…
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Lingering Effects of Pandemic and Operational Challenges Are Top Concerns for Consumer Products and Services Organisations
The continuing global challenges and potential existential threat posed by the ongoing COVID-19 pandemic. Political divisiveness and polarisation. Social and economic unrest. Gridlock. Artificial intelligence (AI), automation and other rapidly developing digital technologies…
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Innovation, transformation and the introduction of more advanced technologies are on the agendas of most groups in an organisation today. The same certainly holds true for internal audit functions – but perhaps not at the same levels of engagement as departments such as finance and IT. In fact, the results of the latest Next-Generation Internal Audit Survey from Protiviti show that overall…
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Like all major employers, insurance companies are dealing with operational and workforce disruptions, as millions of their employees – adjusters, actuaries, underwriters, and risk and loss control managers, as well as analysts, as examples – adapt to a remote work environment.
The industry’s policyholder surplus, invested funds set aside by insurers to pay claims, is under pressure as asset…
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Data proliferation and data privacy regulatory activity across the globe have created the need for focused boardroom discussions.
While cybersecurity continues to be an issue for boards, a more targeted focus on data privacy is increasingly necessary to ensure compliance across a rapidly expanding number of privacy regulations. Privacy risk represents a unique challenge driven by the volume and…
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Ransomware is a current threat many people are struggling to understand and manage. Amid the headlines and uncertainty, how can the board respond strategically?
Reputation damage, hefty ransoms and business continuity are all concerns with ransomware. But the core of the conversation is about the potential loss of intellectual property and customer information and the specter of unpleasant…
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“Misinformation” and “disinformation” have long been mainstays in the political arena, the climate change debate and even in the public discourse over COVID-19 vaccines. Misinformation represents information that is wrong, a challenge every business must deal with from time to time, whether in the press, analyst communications, social media, discussions at government levels, or other venues.…
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Marcel de Jongh and Anneke Wieling, Protiviti restructuring specialists
The corona virus is spreading quickly around the world. Your company’s first priority is the health and wellbeing of your employees and their families. Your second priority is to keep calm and to control your cash flows and cash position. Nobody can predict the future, but you can take measures to optimise your cash – and to…
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Several Key Policies Take Effect March 31, 2022
On March 29, 2021, the Bank of England (BoE), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) issued a series of policy statements to both refine and finalise their approach to operational resilience for financial services firms. Almost concurrent with the release of the policy statements, the Basel Committee on…
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Expectations are that the financial services industry will experience a more challenging regulatory environment under the Biden administration than under the former administration[1]. Those who have been tapped to lead the various regulatory agencies – and even those thought to be in contention for key agency roles – have signaled their supervisory priorities, many of which align with key…
