2017 Hot Topics for IT Internal Audit in Financial Services

Storming ahead

Technology remains close to the top of organisations’ agendas. Financial institutions recognise the burden of “unfit for purpose” solutions that are costly in the long term and more prone to risk exposures. The pace of technological development in Financial Services is expected to continue to create market opportunities for challenger organisations seeking to improve operational leverage and drive further investment from existing players. In the midst of this, there is definite value from, and expectation of, IT Internal Audit’s ongoing efforts to understand the risk landscape and adopt new, innovative ways to provide assurance to help mitigate risk effectively.

Second annual review of the IT hot topics facing Internal Audit functions in South African Financial Services institutions.

We surveyed organisations across Financial Services in South Africa to obtain views from Heads of IT Internal Audit or the Chief Internal Auditors on the ‘hot topics’ or areas of focus in their IT audit plans for 2017.

Key takeouts from this report

It will come as no surprise that topics such as Cyber Security, Disaster Recovery and Resilience, and Data Management and Governance featured consistently across all sub-sectors surveyed.

Ensuring appropriate audit coverage across these areas remains part of financial organisations’ internal audit priorities. It was interesting to observe the emergence of Strategic Change and Third Party Management as a hot topic in the South African Top-10, which is consistent with what we are seeing in the UK and globally.

In this report we cover:

  • Challenges for IT Internal Audit functions
  • Key IT Audit hot topics as identified by Heads of IT Audit and Heads of Internal Audit from 11 banks and financial service organisations across South Africa
  • Internal Audit viewpoints by topic

We encourage you to share your feedback on this publication, as well as your insights on how to continue improving it going forward. We truly hope that this continues to act as a useful resource that can generate healthy debate amongst your teams and inform discussions with your stakeholders, whilst also helping with your IT internal audit planning for the upcoming year.

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