top priorities in internal audit; financial services internal audit

Top Priorities for Internal Audit in Financial Services

The continuing turbulent wake of the global financial crisis and the vigorous regulatory activity the crisis fostered have most financial services companies grappling to strike a balance between risk management, maximizing profitability, and achieving and maintaining regulatory compliance. Although internal audit functions are not directly involved in building solutions to these issues, they do play an important role in helping the organization achieve and maintain the right balance through internal control environment assessments, process improvements, enterprise risk management programs and regulatory compliance.

As part of these efforts, internal auditors have the opportunity to help management solve larger organizational issues and provide suggestions and support to the lines of business, management and the audit committee.

However, Chief Audit Executives and their teams confront the same obstacles that their line-of-business colleagues must address – these are resulting from numerous factors, including two that are particularly pervasive:

  1. The uncertain nature of new regulations
  2. Growing skill gaps

These factors are underlying themes in the financial services industry findings from Protiviti’s 2013 Internal Audit Capabilities and Needs Survey, which revealed a number of critical priority areas that will be the focus of internal audit functions in the next 12 months, and likely the years to come. Our whitepaper explores these top priorities in detail:

  1. Enhancing capabilities around model risk management
  2. Auditing enterprise risk management
  3. Mobile banking
  4. Operational risk requirements (Basel II/III)
  5. Getting ready for the Consumer Financial Protection Bureau

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