The benefits of an audit

17th May 2021

Everyone hates the word audit. No one likes getting audited but what if we thought of the audit process differently? What if we thought of it as a value-added service instead of a time-consuming, stressful event where you get told all the things you’re doing wrong?

There is a growing need within the insurance industry to ensure insurance and other companies are adhering to the ever-changing regulatory environment. From both an internal and external influence, experienced auditors play an important role in guiding companies through the changing market which is continually facing stricter regulations especially in the areas of data security, privacy, cyber insurance, IT, and many more.

Auditors can conduct a wide range of services; whether you need a peer-review audit, compliance audit, policy wording review, claims or underwriting specific audit, or something entirely different, audits can be tailored to your needs.

Having an experienced, unbiased third party come in and conduct audits on your behalf can show you where your strengths are and identify some areas where you could improve. Using the audit as a learning tool is a great way to identify any issues that may be present with respect to training, rating, and compliance with internal and external guidelines. While many companies rely on internal audits to check all the boxes, a second set of eyes can be a useful tool when needing an objective audit to be done.

As we have learned from the current on-going pandemic, technology has allowed much of the work to be done remotely which has created a flexible working environment to allow for audits to be done on a schedule that works for both the auditor and the client requiring the audit.

If you’re interested in learning more about our specialist audit & inspection services, please email Katie Dontsos or Elaine Collier to set up a time for a free consultation.

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