Prioritizing a heavy audit committee agenda is never easy, and 2020 will be particularly challenging. Insurers’ audit committees are operating against a backdrop of volatility and uncertainty. Environmental risks and disasters; cybersecurity concerns; increasing underwriting, pricing, and claims modernization demands; and accounting-change mandates are some of the challenges looming on the horizon.

Drawing on insights from several KPMG surveys and our professionals’ frequent interactions with insurance audit committee members and senior management, we have flagged a series of issues that we recommend audit committees keep in mind as they consider and carry out their 2020 duties:

• Maintain control of the audit committee’s agenda.
• Understand the impact of technology on the finance organization’s talent, efficiency, and value.
• Assess management’s progress on areas for operational excellence.
• Reinforce audit quality and set clear expectations for the external auditor.
• Stay current on implementation efforts for new accounting standards.
  
• Redouble focus on the company’s ethics, compliance, and whistle-blower programs.
  
• Help ensure internal auditors’ focus is on risks beyond financial reporting.
  

To read more about the Insurance board agenda, download the full report.