Forward Focus - November 2012
Insurance and wealth management
Welcome to the November edition of Forward Focus for 2012.
A key outcome from the GFC is a much greater focus on risk. In my conversations with executives and directors alike the topic of risk and the processes for reporting risks to ensure that senior management and the Board are informed and can react accordingly is often raised.
The Insurance (Prudential Supervision) Act 2010 - IPSA - is here to stay and the reporting obligations are not likely to go away any time soon. We look at questions that need to be asked, and why it is important to consider a review of processes to provide the Board assurance on the accuracy and reliability of this reporting.
We have also included some views from Deloitte Canada Partner Peter Dent after his recent visit to New Zealand. Peter is a seasoned investigator of corruption and fraud and has found that there is real potential for large-scale amounts of fraud arising from the recovery in Christchurch. These themes are consistent with the recent findings of the 2012 Deloitte Global Financial Services Industry Security Study. Three key findings in the Study were an increased coordinated activity among security and business groups, a growing adoption of new technologies and security innovation, and proactive researching into new potential threats.
And finally, risk is but one of the dynamics in a business. As we grow out of the GFC business growth and strategy will need greater focus. Our innovation partner Grant Frear outlines why innovation is not just a growth strategy but is critical to the basic survival of an organisation. Grant outlines how a company posted an innovation challenge to a “solver community” in an innovative approach to collaborative problem solving.
We hope you enjoy the read, and as always we welcome your comments. If you have other colleagues in your organisation that might find value in any of the above please feel free to pass it on.