Corporate governance & audit reform (the ‘UK SOX’)
With UK soon adopting the SOX, we are helping clients adopt enhanced internal control regimes. The whitepaper explores the enhanced internal control regime and how our vast talent pool of SOX & GRC professionals have a deep understanding of the insurance value chain and ecosystem of GRC platforms, Robotics Process Automation & Audit Analytics are helping organisation embracing and navigating the change.
Key highlights of UK SOX
Broader scope not just limited to financial statements
Mandatory reporting around resilience, capital maintenance, audit & assurance and supplier payment practices
Strengthened regulatory supervision with ARGA (Audit, Reporting & Governance Authority) replacing FRC
Focus on strengthening internal controls
Integrated approach to risk management including financials, technology, business disruption, cyber, & fraud risks
Managed shared audit regime encouraging companies to leverage “challenger” audit firms
Why EXL is your perfect partner for this journey
EXL’s GRC practice was established on the back of Sarbanes-Oxley Act in the US and has since executed multiple SOX/Controls Assurance engagements, delivering significant value to numerous insurance clients across the globe
Deep understanding of insurance value chain and an appreciation for unique risks that insurance firms face
3M+ hours of SOX & GRC work delivered over 15+ years, across three lines of defense
300+ SOX & GRC professionals (incl. ACCAs, CAs, CIAs, CISAs & CISMs)
Ecosystem of GRC platforms, Robotics Process Automation & Audit Analytics
Proven cost effective dual shore delivery model with a commitment to reduce compliance cost by ~50%
EXL corporate overview
~$1.41B
Global Revenue, with over 65% from Insurance
720+
Clients globally; 530+ in Insurance
36,700+
Employees globally (15,000+ Insurance Professionals)
54+
Across UK & Europe, Asia, Africa, Australia and North America
A much wider set of companies are expected to now come under the purview of corporate governance and enhanced reporting and for most, this will be a massive undertaking
Contact us to know how we can bring significant learnings from our US SOX implementations to help you effectively navigate this change and be future-ready
Prashant Chaturvedi
VP & Leader, Finance Transformation
prashant.chaturvedi@exlservice.com
Prakhar Agrawal
Practice Director, Risk & Compliance
prakhar.agrawal@exlservice.com