Financial Services Internal Audit
June 2020 - focussed update
Following our first blog back in March and our separate cross-industry paper, we have seen organisations tackling the COVID-19 situation with resilience. As the landscape continues to evolve, our second blog in the series and subsequent webinar examines Internal Audit (IA) considerations as firms move from a state of Respond into a state of Recovery.
Specifically, we explore how the IA function can position itself to best support management through the recovery phase. From defining the new target operating model for firms to best service their customers and keep their people safe, to learning from others’ successes. IA has an important role to play in adjusting its mind-set to the recovery objectives, providing assurance over key risks presented by the inevitable changes, advice on the shifting control environment, and anticipating emerging risks.
Below we provide our view of Planning Priorities for Internal Audit in Financial Services. As in previous years we have focused on new areas relevant to Internal Audit, recognising that regulatory, technological and social landscapes continue to evolve as does the role of internal audit in providing assurance and insight.
In 2020, we anticipate an increased emphasis on digital risks, early assurance on areas of upcoming regulatory change (e.g. IBOR reform) as well as a continued focus on conduct, culture and governance.
IA teams need to be prepared to respond to a continually changing environment – developing the auditors and Internal Audit functions of the future.
Partner, Banking and Capital Markets