Episode 7: Stephen Licence, Group Chief Internal Auditor
In this episode of Inside the Auditorium Podcast, Stephen Licence, the Group Chief Internal Auditor at Legal and General Group, shares his extensive journey in the internal audit field, particularly within the insurance sector.
In this episode, we explore:
- Auditing across the insurance spectrum: Stephen shares how skills are transferable across different insurance disciplines—from Lloyd’s to reinsurance—and why auditors shouldn’t box themselves into one specialisation. The insurance world is vast, and internal audit offers a front-row seat to all of it.
- Consumer Duty and internal audit’s expanding role: The new Consumer Duty regulation isn’t just for banks—it's transforming how insurers think about value, fairness, and outcomes. Internal audit is now a key player in demonstrating compliance and protecting customer interests.
- Third and fourth party risk: Going beyond the enterprise: With increased outsourcing and interconnected operations, auditing now extends far beyond company walls. Stephen explains why internal audit must scrutinise third and even fourth-party relationships to ensure service continuity and data integrity.
- Auditing AI and emerging tech: As AI and data analytics become more prominent across insurance, internal audit must evolve too. Stephen discusses how his team is already embracing AI tools—and how audit can help ensure these technologies are deployed responsibly.
- Career advice for the next generation of auditors: Learning doesn’t stop with certifications. Stephen emphasises the importance of continuous development—especially soft skills like empathy and relationship-building, which are vital for success in internal audit.
If you’re working in -or curious about- internal audit in the insurance sector, this episode is packed with insight, inspiration, and practical takeaways.
Note: The views expressed by Stephen are his own and do not necessarily reflect those of his employer.
