Internal Audit Support

The Charted Institute of Internal Auditors’ (CIIA – UK) “Financial Services Code” specifies the importance of having sufficient and appropriately skilled resources in place to identify and control the risks that the organisation faces.

Audit functions in major financial institutions continue to face ongoing challenges to ensure that their teams contain the right balance between audit ‘know how’ and in-depth business, regulatory and technical subject matter expertise.

The advent of the Senior Managers’ Regime and ongoing regulatory sanctions (Aviva Investors fine of Feb 2015, recent s166 reviews imposed by the regulator on Audit functions) highlight the onus placed on Audit by both Audit Committees and Regulators to provide robust and value adding risk assurance.

Avantage Reply delivers assurance initiatives within the areas of:

• ​Risk (Credit, Market, Liquidity, Operational & Conduct)
• Compliance
• Finance (Capital Management & Regulatory Reporting), and
• Treasury and Operations

Our companies within the wider Reply Group are also able to offer the expertise in digital, technology and data.

Our consultants possess both subject matter expertise in their chosen fields and extensive audit experience, enabling us to fully utilise our broad skill-set to support our clients' Internal Audit functions.

Our services

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 standalone 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​

Related Content

18 December 2014: Avantage Reply, together with the Dutch Banking Association (NVB) organised an industry debate luncheon around BCBS 239, Risk Data Aggregation and Reporting, with representatives from the DNB, ECB and FSB: www.reply.eu/en/industries/financial-services

​28 May 2014: Avantage Reply hosted with 13 banks in Belgium, Luxembourg and the Netherlands a Risk and Regulatory Roundtable on the EBA/ECB Stress Tests: www.frm.reply.eu/en/newsroom/events/readd/,16533

Thought Leadership, R​egulatory Briefing Notes, Training Events… Avantage Reply's Regulatory Practice (EMEA) publishes a range of White Papers (including Avantage Reply's CRO Insights Journal) and holds client training events on regulatory and risk trends and developments: www.frm.reply.eu/en/resource-centre

Related Case Studies

Regulatory training​​ for internal audit​
Regulatory platform audit​​