2015 Hot topics for IT internal audit in Financial Services
Internal audit departments in the financial services industry continue to operate against a backdrop of heightened regulatory scrutiny, emerging best practices and increasing stakeholder expectations. Not surprisingly, this has resulted in a number of fundamental control areas featuring in this year’s top 10 hot topics.
The list of high profile items is led by ‘Cyber Security’ on the back of continued government initiated cyber exercises and board-level appreciation of the impact a breach can make. Similarly, ‘Disaster Recovery and Resilience’ has re-emerged as an important topic as organizations focus on minimizing customer impacting system outages.
For the first time, we see ‘Enterprise Technology Architecture’ emerge as a hot topic, which reflects the challenge many financial services organizations have with large legacy estates and complex architectural maintenance demands.
More broadly, we continue to see greater reliance on IT internal audit functions to support ever increasing analytics activity and to help assess data governance and data quality in support of broader business audit review.