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September 2016 Seminar

9 September 2016

9.30 am - 1.00pm

A quarterly review of current internal audit topics and issues of interest to include planning ideas for 2017, Brexit and recent changes in insurance legislation

  • Brexit – where do we go from here?

Sian Hill – Partner – KPMG and Amir Sethu – Director - KPMG

On 23 June 2016 the UK voted to leave the EU.  As a result, there is a significant risk that once the UK has exited the EU, UK insurance companies will no longer be able to 'passport' across the EEA (or EU insurers passport in to the UK) or manage their capital as a central pool.  While there are still many uncertainties around both the impact and timing of the UK's exit from the EU, insurance groups need to start thinking about how they might deal with the loss of 'passporting' and central capital management and how long a new operating model might take to implement.

Sian and Amir will discuss the latest developments, key concerns across the market and how firms are responding to those concerns as well as the themes around potential new operating models that they are starting to see emerge.

  • Legislation update – observations and insights

Andrew Bandurka - Partner - Holman Fenwick Willan LLP

English insurance law is undergoing the most fundamental reform since the Marine Insurance Act of 1906. A trio of recent legislative measures has made insurance law much more favourable to the buyer. Andrew will explain the background to and the legal and practical effects on insurers of the Insurance Act 2015, the Enterprise Act 2016, and the changes to the Third Party (Rights Against Insurers) Act 2010. 

  • Hot Topics & Planning Priorities for 2017

Matt Cox - Director, Insurance Internal Audit - Deloitte LLP

Matt will provide an overview of planning priorities for 2017. The internal audit landscape continues to evolve with new assurance demands from the development of business models and shifting regulatory priorities blending with familiar areas of focus. New planning priorities are also being driven by the changing expectations of the areas where internal audit should be providing an assurance opinion including culture, conduct, strategic development and corporate transactions.

  • GPDG update

This session will provide insights on the group’s work being undertaken on outsourcing and how to effectively audit it in a consistent manner

 

Deloitte

2 New Street Square

Greater London

EC4A 3TR

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Speakers Profiles

Andrew Bandurka

Partner

Holman Fenwick Willan LLP

 

 

Andrew has been a partner in Holman Fenwick Willan LLP for 25 years. He graduated in Mathematics and Statistics, has a Masters in Operational Research, and worked in the aviation industry before turning to the law. Andrew specialises in insurance and reinsurance law and related commercial litigation/arbitration, especially that with a complex and/or international element. He is recognised in the major legal directories as a leading lawyer in insurance/reinsurance and professional indemnity matters.

Matt Cox

Partner Internal Audit

Deloitte LLP

 

 

Matt leads Deloitte's insurance internal audit and controls advisory team in the UK. Matt has 16 years of experience working with internal audit functions at insurers and other financial service organisations and has performed senior internal audit roles at a number of large insurers.

Sian Hill

Partner

KPMG

 

 

Siân joined KPMG’s audit practice in 1984 transferring to tax in 1990. She has over 25 years’ experience of advising clients on international corporate tax issues particularly those arising on mergers and acquisitions, disposals and corporate restructuring and reorganisations.

Siân was head of KPMG’s UK Financial Services Tax Group from 1999 to 2003 and again from 2008 to 2010 and head of KPMG’s UK and European M&A Tax Team from 2003 to 2006.  In addition to her tax experience, Siân is currently leading KPMG’s Insurance sector response to Brexit.

Amir Sethu

Director -

KPMG

 

 

Amir is part of KPMG's Insurance Internal Audit leadership team, latterly having headed up Internal Audit at a listed global insurer. He has over 15 years' experience in the Insurance industry, of which the majority of that time has been focused on internal audit. As an experienced insurance internal audit director, Amir has led various internal audit outsource and co-source engagements as well as having undertaken secondments to listed insurance businesses as their Head of Internal Audit.  Amir has also led a number of internal audit quality assurance reviews, assessing internal audit functions against the CIIA Code and other applicable guidance / best practice.