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Internal Audit planning priorities in the financial services
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.
This leaves a critical question for South African Internal Audit functions to address – how does their work provide confidence in the conduct and behaviour of firms and ultimately help build trust with customers and clients? Are they focused on the priorities that matter?
Key report take outs:
Many organisations are seeking to enhance growth and returns to build market share or access new technologies through acquisition, development into new markets or products, or partnerships to access talent. This adds pressure on Internal Audit to have a credible opinion on topics which in some cases didn’t exist a year ago. Making an impact is becoming more challenging.
In this year’s publication we have developed the format from previous editions to help functions make this impact.
Key takeouts include:
- Outlooks covering the economic and regulatory changes as well as key market developments into 2017
- Internal Audit planning priorities for 2017/2018 include:
o Business Leadership
o Risk Management
o Regulatory Matters
o Capital and Liquidity
o Operations and IT
Call to action
As the need for Internal Audit functions to provide more value-adding and strategic support increases, Internal Auditor needs to ensure that its work is aligned with both the strategic and operational risks that face organisations. Internal Audit functions should be agile enough to quickly adapt to a dynamic risk environment, while also meeting its planned risk-based assurance obligations.
We believe this publication will assist Internal Audit functions in its planning efforts and help focus the resources to enable a value-adding and strategic enabling Internal Audit function.
Please contact our Subject Matter Experts to further discuss these priorities.