Risky Business: Principles of Auditing Property and Casualty Insurance - Paperback

After numerous roundtable discussions on insurance risk and controls with other insurance auditors over the years, it was clear that there lacked a comprehensive guide to help newer auditors trying to perform their jobs or experienced auditors who may perform reviews in areas not previously audited. I have leveraged my experience as an underwriter, claim adjuster, and auditor as well as interactions with auditors at various insurance companies to incorporate best practices to write this book.

Risky Business contains an overview of the industry and P&C coverages as well as detailed background information on departments generally found in insurance companies. It addresses operational, compliance, and financial risks and controls, and several chapters offer helpful audit program steps. The book can be read cover to cover or used as a quick reference when conducting an audit in an area of an insurance company or on a particular line of insurance.

While a number of topics covered in the book apply to organizations in the United States, most concepts apply to P&C companies regardless of their location. Like other books of this type, it is not intended to be comprehensive. No book can cover all facets and regulations impacting an organization. The legal environment of the insurance industry is complex and changes quickly. Internal auditors should adhere to The IIA’s International Standards for the Professional Practice of Internal Auditing, which includes completing a risk assessment as part of each audit to understand the risks that may impact P&C insurance operations.