Internal audit priorities in the financial sector
In an era of continued challenges around conduct and behavior for firms, regulators and boards are more aware of the issues and prepared to act. Customers and clients continue to expect more from the industry with work well-progressed on topics such as the Senior Managers Regime and Conflicts of Interest.
This leaves a critical question for internal audit functions to address—how does their work provide confidence in the conduct and behavior of firms, and ultimately help build trust with customers and clients? Are they focused on the priorities that matter? In addition, we should expect market disruption, innovation, and changing business models to put pressure on internal audit functions. The expectations on internal audit to cover the basics while adding more insight and value—being a genuine partner and critical friend—continue to grow. Many organizations are seeking to enhance growth and returns to build market share or access new technologies through acquisition, development into new markets or products, or partnerships to access talent. This adds pressure on internal audit to have a credible opinion on topics which in some cases didn’t exist a year ago. Making an impact is becoming more challenging.
Inside Magazine - Global edition 2017
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