Page 27 - The Insurance Times September 2022

As with other controls, a failure to take provision of
Further updates
information and communication seriously can have adverse
The COSO 2013 framework was updated again in 2017 and
consequences. For example, management may not insist on
its name was changed to 'Enterprise Risk Management -
a business unit providing the required information if that
Integrating with Strategy and Performance.' The update
business unit appears to be performing well. Also, if there is a
focused on risk in processes and performance management.
system of reporting by exception, what is important enough
to be reported will be left to the judgment of operational The cube was also updated into a helix structure. However,
managers who may be disinclined to report problems. Senior the COSO cube continues to be useful as it continues to
management may not learn about potential problems in time. provide a framework for improving risk management and
internal control.
Monitoring
COSO continues to provide updated guidance that reflects
The management system should be monitored and modified
if necessary. the changing environments in which organisations operate.
Recent publications have covered 'Guidance on Managing
Guidance on monitoring has developed significantly since the Cyber Risks in a Digital Age' (2019), 'Blockchain and Internal
initial COSO guidance. At board level, the Turnbull guidance Control' (2020) and 'Enterprise Risk Management for Cloud
on the scope of regular and annual review of risk management Computing' (2021).
has been very important.
Conclusion
Key players in the separate evaluation are the audit
The ERM model has provided a foundation for organisations
committee and internal audit department. Whether separate
to manage risks more effectively. However, managers need
monitoring can be carried out effectively without an internal
an awareness of the limitations of risk management and
audit department should be a key question considered when
where the process could fail.
deciding whether to establish an internal audit function. Once
an organisation goes beyond a certain level of size and
[Courtesy: This article examines the guidance published by
complexity, it becomes difficult to believe that an internal
the Committee of Sponsoring Organisations (COSO)]
audit function will not be required.

ICICI Lombard launches a slew of 14 new products across Health,

Motor and Corporate segments
ICICI Lombard, launched its latest line-up of 14 new or enhanced insurance solutions, including riders/add-ons and
upgrades across Health, Motor, Travel and Corporate segments. The slew of offerings, announced at a press conference
in Mumbai on Friday, offers a comprehensive array of products across categories for a wide spectrum of customers. The
product suite shall transform the way consumers experience insurance, providing them a seamless journey and tech-
enabled solutions.
The insurance industry is now seeing new types of risks emerging, be it pandemic, climate change or data privacy and this
calls for comprehensive coverage steered by the changing customer behaviour and driven by the advent of new technological
solutions and opportunities. This was the core thought behind the new offerings and propelled by the recent revolutionary
announcement of ‘Use and File’ framework from the IRDAI (Insurance Regulatory and Development Authority).
Speaking about the expansion of ICICI Lombard’s product portfolio, Sanjeev Mantri, Executive Director, ICICI Lombard,
said, “We, at ICICI Lombard, have always been at the forefront of providing millions of customers with simplified and
cutting-edge risk solutions that are tailored to their specific needs. Innovation and agility are a part of our organisational
DNA and our comprehensive suite of offerings is designed to meet the myriad needs of customers, cutting across
demographics of age, geographies, socio economic backgrounds or gender. Am elated to share that we have a product
for virtually every segment and fuelled by regulatory reforms, we have accelerated our pace of developing and launching
new products. I believe the current era in insurance industry is an exciting period to usher in innovation and reimagine
possibilities. With 14 new products and upgrades on the anvil, has further cemented ICICI Lombard as a pre-eminent and
comprehensive risk insurer of the nation.”

The Insurance Times, September 2022 27