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FS IA Planning Priorities 2023

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This is our flagship annual thought leadership release to the Financial Services Internal Audit practices, with many referring to it in their annual planning and risk assessment. It aims to help you stay ahead as you continue to navigate new risks, advises on key implications, and helps to accelerate positive change within your own organisation.

The impact of the pandemic and a rapidly changing environment is driving business models to become more agile, more innovative and more customer focused than ever. In response, regulation continues to intensify and evolve, with the introduction of the Consumer Duty, the new Investment Firm Prudential Regime which includes the Internal Capital Adequacy and Risk Assessment (ICARA) and the Appointed Representative Regime, which, unsurprisingly, are all themed around the importance of taking reasonable measures to avoid and reduce consumer harm. In addition, new requirements around sanctions have also driven a heightened awareness of financial crime, fraud risk management and cybersecurity, with significant investment by businesses to right-size controls strategies in these areas.

This content focusses on key areas relevant to internal audit as well as those that we believe will have greater focus in 2023. These key focus areas for IA are depicted in the planning priorities wheel, with the expandable tabs giving  more insight in each area.

Click image to enlarge

Click image to enlarge

Regulatory

  • Financial Crime
  • Fraud Risk Management Framework
  • Cryptocurrency / Digital Assets

Financial & Credit

  • Regulatory Reporting
  • ICARA Implementation
  • IFRS 17

Governance, Risk Management and Culture

  • Corporate Governance
  • Risk Culture
  • Enterprise Risk Management Effectiveness & Maturity

Conduct

  • Consumer Affordability - Cost-of-Living Crisis Impact
  • Conduct Risk Framework

Technology & Digital

  • Digital Transformation and Change
  • Risk Analytics
  • Governance, Risk and Compliance integrated tools

Internal Audit Innovation

  • Internal Audit Analytics
  • Aligned Assurance
  • Audit Management Systems

We hope you enjoy using Planning Priorities 2023. If you have any questions, please get in touch.

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