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Internal Audit

Internal audit functions are faced with an increasingly challenging external environment driven by on-going regulatory change, macroeconomic factors and a competitive environment.

Set against this background, Internal Audit departments face pressure to deliver effective and timely audits that meet the Boards’ and regulators’ expectations.

Internal audit departments are responding in varied ways such as cross training resources, co-sourcing subject matter expert teams and through introduction of a new balance between real time auditing vs. post-implementation audits.

INTERNAL AUDIT CO-SOURCE

  • Seconding consultants with a generalist banking Audit background to address short to medium-term resource gaps;
  • Seconding Subject Matter Experts to deliver specialist Audits alongside clients' in-house teams;
  • Delivering specific Audits or series of Audits as stand-alone engagements External Quality Assurance (EQA) & Methodology Enhancements;
  • Formal EQA to assess effectiveness of Internal Audit function;
  • Pre-EQA Review to highlight and address any areas of weakness outside of the formal EQA;
  • Methodology enhancements, for example utilising our Auditing Culture methodology.

For additional details on issues that are impacting Internal Audit departments please follow this link to read our view of possible approaches and solutions.

RELATED CONTENT

  • Internal Audit Expertise and Co-Source Offering

RELATED CASE STUDIES

  • Regulatory training for internal audit
  • Regulatory platform audit
  • Internal Audit Support: Conduct, Compliance & Ethical Behaviourt
  • Internal Audit Support: Risk Governance & Reporting

RELATED CONTENTS

Operational Risk

Operational risk has matured as a discipline since it became an integral part of financial institutions’ risk management. New regulatory requirements are being developed and will continue to contribute to the already-heavy regulatory burden on banks. This is compounded by a number of organisational change projects to the extent that operational change often introduces additional operational risk.

Regulatory Reporting

Supervisory reporting is an area of regulation that continues to evolve as it becomes more voluminous, complex and highly scrutinised. While the changes brought by DPM 2.9 and Anacredit are not even yet completely implemented/understood, CRR 2 and CRDV are already under development, leaving little time for the focus on efficiency and derivation of insights from these onerous data collection and compilation exercices. 

Regulatory Reporting 0

Operational Risk

Operational risk has matured as a discipline since it became an integral part of financial institutions’ risk management. New regulatory requirements are being developed and will continue to contribute to the already-heavy regulatory burden on banks. This is compounded by a number of organisational change projects to the extent that operational change often introduces additional operational risk.

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