ESG: Key aspects and questions

The risk of fraud is present in all organizations to a greater or lesser degree, depending on various internal factors (organizational culture; level of maturity in corporate governance, risk management, and internal control; type and size of business; etc.) and external factors (industry; national/regional context; market in which it operates; etc.). Unfortunately, fraud is a risk that can affect any organization at any time — in normal times and in times of crisis. Furthermore, in times of crisis, the risk of fraud may increase, as some people may find a reason (pressure/incentive), an opportunity (chance), or a justification (rationalization) to commit irregularities.

The European Union’s Digital Operational Resilience Act (DORA) affects Internal Audit in insurance companies, as it sets direct and indirect standards for the internal audit function. The deadline for meeting DORA requirements is 17 January 2025, and both financial institutions and service providers across the industry are feeling the pressure.

The objective of the Guidelines