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Internal audit oversight of outsourcing in Insurance undertakings

The European Confederation of Institutes of Internal Auditing (ECIIA) released a position paper on the oversight of outsourcing in insurance undertakings.

The internal audit function has an important role to play in providing assurance over the effectiveness and security of key processes outsourced from (re)insurance undertakings to third parties. It is crucial that key stakeholders, including management, the board and the (re)insurance undertaking’s supervisors can place reliance on the work of internal audit in respect of the risk management of third parties, while at the same time maintaining a reasonable expectation of the extent of the internal audit function’s responsibilities in this area.

Read the whole article from here.

Download the report from here.