2024 Insurance Company Audit Committee Agenda

Explore the challenges faced by insurance audit committees in 2024.

Today’s rapidly changing insurance industry calls on insurance company boards to take a more active leadership role this year. Oversight of risk will be challenging with industry-specific and geopolitical risks to new risks from the digital world, including cybersecurity, data privacy, and generative artificial intelligence (GenAI).

Drawing on insights from our board leadership center, we highlight seven key issues for insurance companies to keep in mind as audit committees consider and carry out their 2024 agendas:

• Focus on financial reporting and internal controls
• Reinforce audit quality and compliance oversight 
• Regulatory-driven sustainability reporting landscape highlights the importance of data quality
• Step up oversight responsibilities of generative AI
• Ensure internal audit focuses on key risks
• Target fallout from leadership/talent vacuum 
• Sharpen insurer’s focus on ethics, compliance, and culture