2018 Hot Topics for IT Internal Audit in Financial Services
Our latest internal audit paper explores the results of our annual survey of Heads of IT Audit and presents the 10 key areas of focus in IT for internal auditors.
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Technology and the impact of disruption in the Financial Services sector is fast becoming a top priority for organisations alongside regulatory compliance. Financial institutions are feeling the burden of the ever-increasing threat of cyber-attacks, the imperative to innovate to keep pace with maturing FinTech combined with increased focus from regulators on the management of IT, data and the operational resilience of the financial system. As a result, there is pressure on IT Internal Audit functions to ensure that there is adequate and appropriate assurance coverage of this evolving IT risk landscape and to adapt in order to make an impact both from an assurance perspective and value-add input to management as a business partner.
It will come as no surprise that topics such as Cyber Security, Strategic Change and Data management / Governance featured consistently across all sub-sectors surveyed. The imminence of the EU General Data Protection Regulation has ensured that Data Management / Governance is one the top priorities as organisations prepare for the May 25th 2018 implementation date. Linked to this is the rise of Information Security / Identity and Access Management in the rankings.
The paper covers what Internal Audit could do to address these changes and challenges. We hope it continues to provide useful insight, generates constructive debate, inform discussions and help IT internal audit professionals with their audit planning.
Below is the top 10 IT Internal Audit hot topics 2018, as identified through our annual survey of Heads of IT Internal Audit in the Financial Services sector