Financial Services Internal Audit

As in previous years we have focused on new areas relevant to Internal Audit but also those areas we believe will have greater focus in 2022. The necessity and demand for robust, innovative and agile assurance continues to gather pace, recognising that the past 18 months has critically tested the adaptability of business operating models by prompting a shift to (and from) remote working environments, along with the challenge of responding to changing restrictions set by various relevant authorities.

In 2022, we anticipate a continued emphasis on digital transformation once the extent of change in customer behaviours in a post COVID-19 environment is known. We also expect a deeper focus on assurance over credit risk management, retail conduct and fraud detection strategies following the withdrawal of the significant Governmental measures put in place to support small and medium sized enterprises and consumers in hardship.

The significance of the COVID-19 pandemic and its impact on businesses and everyday life has somewhat reduced visibility of the knock-on impact of Brexit on the regulatory landscape. As ever this will increase the need for continued agility in assurance over preparedness for regulatory change that may be around the corner, as well as assurance over the business response to climate change-related targets and other regulation.