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Post-Implementation Challenges of the Model Audit Rule - Book Report/Review Example

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Post-Implementation Challenges of the Model Audit Rule

The design of Model Audit Rule takes to restoring confidence in security markets and customers as well as protecting investor interests (2010 Model Audit Rule Practice Note Subcomittee). It has an oversight of dependency and competence of internal reports and external audit reports from external accounting firms. For insurance industries, continuous regulatory oversights and regular performance of on-site company records examination is always necessary. It is always essential for insurance companies to observe governance standards set for corporate with transparency intentions, restoration of public confidence and prevention of fraud. The success of AMR requires teamwork through hiring of internal control experts, business analysts and IT auditors who can meet internal controls through efficient financial reporting (Dublin, 2011). The idea of introducing new products into the marketplace is an enticement to every company. Growing life expectancy, aging population and demographic changes create an expansion the health insurance market (Dublin, 2011). With the reduction of health benefits by corporations for many retirees, the challenge to insurers is about those who can afford the costs. Commercial insurance is a shrinking market from the effects of the rise in unemployment. New reforms like plans on public health and Medicare expansion are some of the fats that can create reduction of private plan customers (Leon, 2011). Therefore, it is upon payers to adapt to the new changes within the commercial marketplace through the introduction of new models of benefit. This should follow a proactive anticipation of addressing needs of targeted markets like young workers, retirees and the increasing unemployed. Development of new products and improving on existing ones for the attraction of value and quality demands from employers becomes crucial. This is the only way through which consumers in need for good health and longer lives can be achieved (Leon, 2011). Challenges It is never easy to create and adapt to such changes in the current business market at the rate with which competitiveness is growing. A Model Audit Rule therefore, is a great way of ensuring that all processes of change are in control. However, that is never the case as found by many who have used the system before. There are challenges which project teams face in the process of implementation and even afterwards. On most projects, the framework remains a responsibility of the Information Systems team (Jawadekar, 2009).  Using the model audit rule is never an assurance of an end to a project management process. Several challenges present themselves in the course of the process and just by finishing the implementation process is never a confirmation of success. It is never a justification of the reaping of the benefits of the project outcome. For instance, a project can be finished in the effort of establishing a unique and new quality management process for the organization. It is the effort of those under the project to achieve the objectives of the assignment. It is not simply about the delivery of a process; on the contrary, for the delivery of the process addressing a specific need in the business, which you intend to meet. That is what measurers the real success of the project. However, it is never easy to meet the benefits intended by the project delivery. The first challenge which faces the success of the implementation ...Show more

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Post-implementation challenges of the model audit rule Name: Institution: Post Implementation Challenges of the Model Audit Rule Introduction The Model Audit Rule is a development by NAIC. Its objective is to ensure that insurers operate within set standards in serving their customers…
Author : schmelerdavon
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