Internal Audit of the Recovery Plan

The client, an independent and privately-owned banking group which provides private banking services, wanted an external expert to support their internal audit team. In particular, the client wanted to review and provide assurance that their Group Recovery Plan is in line with the latest regulatory requirements and best market practices. 

Challenges

The primary challenge was the short deadline for the delivery of the final audit report within a couple of weeks from the start.

Solution

Avantage Reply provided a recovery planning expert to conduct the regulatory review and audit assessment for the processes put in place. The expert performed the following:

• Assessed the completeness of the recovery plan;
• Performed a gap analysis with the regulatory requirements;
• Reviewed the strategic analysis performed;
• Assessed the governance structure of the recovery plan;
• Assessed the escalation, communication and disclosure processes;
• Analysed the preparatory measures;
• Reviewed the recovery options, triggers and indicators;
• Reviewed the implementation of the findings from the prior audit.