Insight
Data suggests only 5% of companies use their auditor’s actuary
While few companies use the same firm for auditing and actuarial services, it makes sense for all to keep them separate rather than risk a fine or lawsuit.
There is a significant need in the market to transform cyber assessments, information technology metrics, and information security into the common language of risk management. Additionally, there is a lack of consensus on how to categorize cyber within a risk taxonomy. The insurance sector often views cyber as financial risk while banks may view it as a type of operational risk. Other industries may see it altogether as a strategic or standalone risk.
A version of this article also appeared on CFO.com.
Insight
While few companies use the same firm for auditing and actuarial services, it makes sense for all to keep them separate rather than risk a fine or lawsuit.