2017 planning priorities for internal audit in financial services

Building trust

October 2016

Our latest paper explores the key planning priorities that internal audit departments should be covering in 2017.

In an era of continued challenge around conduct and behaviour 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. The focus of this years publication is Building trust.

As we highlighted in our recent 2016 Global Chief Audit Executive Survey, there remain a number of important challenges for Internal Audit functions. Most expect their organisations and functions to change substantially in the next few years yet lack the impact and influence they desire. Gaps remain in certain skills including analytics and IT, and methods of effective communication. While stakeholders expect more forward-looking insight around risk, strategy and business performance the expectation on Internal Audit to make an impact is now.

This paper covers what Internal Audit should do to build trust and address these changes - assessing the impact on audit approaches, methodologies and resource models.

2017 Hot topics for IT internal audit in financial services: Storming Ahead

Our latest internal audit paper explores the results of our annual survey and presents the 10 key areas of focus in IT for internal auditors.

Technology remains close to the top of organisations’ agendas. Organisations seek to invest and innovate both to compete effectively in the global marketplace on the one hand, and satisfy requirements by their global regulators on the other. The pace of technological development in financial services is expected to continue to create challenges and market opportunities.

In the midst of this, there is definite value from IT Internal Audit’s ongoing efforts to understand the risk landscape and adopt new, innovative ways to provide assurance to help mitigate risk effectively.

Topics such as Cyber Security, Strategic Change and Third-Party Management featured consistently across all sub-sectors surveyed. We observe the re-emergence of Cloud Computing as a hot topic in our Top-10 as well the elevation of Data Governance to claim a place in the top 3 key issues. Those reflect an increasing focus on alternative, cost effective use of technology and a regulatory drive to enhance governance over the institutions’ data in the financial services industry.

The paper covers what Internal Audit could do to address these changes and challenges. We hope it will continue to act as a useful resource that can generate healthy debate, inform discussions and help IT internal audit professionals with their audit planning.


An internal audit perspective
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