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India's flourishing insurance industry is being propelled by a growing demand due to increased awareness regarding the significance of insurance, rising incomes, and innovative product offerings.
While the sector faces numerous challenges, including escalating healthcare costs, uncertain regulations, shifting consumer preferences, technological disruptions, intensified competition, and changing demographics, government initiatives, private sector engagement, and favourable policies will serve as catalysts for the industry's expansion. The upcoming trends in this sector emphasise growth, innovation, sustainability, and a commitment to societal well-being, positioning insurance not only as a financial safety net but also as a dynamic influencer in an ever-evolving landscape.
Financial Services Risk - August to November 2024
Grant Thornton Bharat has launched a comprehensive Retirement readiness and planning survey. This survey covers various aspects of retirement planning, including pension schemes, investment preferences, and expected returns, and it is designed to help us understand your retirement goals, preferences, and challenges.
The Board of Directors’ overall roles and responsibilities in fraud risk management, enhance internal control frameworks, and ensure compliance with principles of natural justice.
The survey, in collaboration with Fintech Association for Consumer Empowerment (FACE), will assess the risk perception of various stakeholders, including customers in digital lending.
Leveraging our expertise, strong regulatory affiliations, and extensive work on regulatory frameworks and guidelines, we can assist your organisation in cultivating a culture of compliance. Through our compliance solutions, we focus on regulatory reporting reviews, regulatory compliance evaluations, and dashboard development.
Our services encompass a broad spectrum of comprehensive governance solutions, including internal audits, process assessments, development and assessment of internal control over financial reporting (ICOFR) and internal financial controls (IFC), SOX audits, standard operating procedure (SOP) development, as well as specialised risk management reviews that concentrate on enterprise risk management (ERM), model validation, risk control self-assessment (RCSA) development and assessments, and risk analytics.
Our actuarial solutions cover life insurance, non-life insurance, pensions, and investments, to support your risk management, pricing optimisation, and decision-making requirements. Our offerings encompass pricing & reserving, product & system development, modeling & valuation, IFRS 17 modelling, measurement of impairment of financial assets, regulatory filings and reporting, and validation of risk management frameworks.
Delivering finance-related services and transformative change, we specialise in enterprise performance management (EPM) solutions, encompassing planning, budgeting, and consolidation. Our expertise extends to cost optimisation services. We also provide EUC solutions, emphasising governance and remediation for a comprehensive approach.
As industries undergo significant market shifts, organisations pursuing large-scale transformations prioritise success through a transformative approach. Emphasising clear vision, integrated strategies, and value-centric execution, our transformation office provides a comprehensive framework from initial strategy development to seamless technology implementation.
We conduct forensic review of equity, derivative and debt trades on 15+ fraud parameters to identify potential cases of front running and insider trading within the investment function. For cases where triggers are identified, enhanced investigation is carried out.
We conduct advanced analytics on high-risk areas susceptible to fraud by utilising over 100+ industry-specific fraud indicators. Subsequently, deploying enhanced investigation procedures in response to triggers identified during the analytics process.
