The financial services sector has seen great changes to the way internal audit needs to operate and this presents both challenges and opportunities for practitioners. Nearly a third of our members work in the FS sector. We are helping them to meet the rising expectations of them and persuading boards and audit committees to use their internal audit resource in the most effective way.
To do this, we have increased the emphasis we place on our work in the FS sector. Key to this is our Banking and Financial Services Sector Advisory Panel. The panel draws together practitioners from across the FS sector who advise us on our policy and influence work, technical guidance and events programme. Firms from across the sector all have representation on the panel, which is chaired by Gordon Craig, Director of Internal Audit at 3i.
The mutuals sector is also represented on the panel, ensuring the needs of members in mutual organisations are met.
As well as supporting members with practical resources, we are working hard to communicate the value of internal audit to policy-makers, regulators and business leaders to influence how they harness the internal audit function.
Under our sector strategy, we provide:
Our work in the sector focuses on three areas. Read more about them here:
Our sector approach gives us an effective mechanism for harnessing insight. This directly informs our policy and influence programme.
Read our response to the 2017 consultation on Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms.
The code was reviewed and published in September 2017 with only modest changes.
The advisory panel works with the institute to develop our programme of technical guidance for the sector. Current resources include:
Operational resilience can be defined as the ability of an organisation to anticipate, prepare for, respond and adapt to incremental change and sudden disruptions in order to continue to deliver customer critical services.
This guidance explains the key aspects of the Senior Management Function 5 (SMF5) with the senior managers regime.
An internal audit of IRR needs to consider whether the firm’s control framework is likely to be effective in managing the risks that are inherent in the firm’s risk profile.
This guidance sets out a framework to enable internal auditors to self-assess the effectiveness of their internal audit function using criteria which the audit committee can endorse.
This guidance will explain key points to consider when preparing and segmenting the audit universe to support internal audit’s risk assessment.
This guide will enable internal auditors to understand the key points to consider when.
This guidance will explain how internal audit can assess the adequacy and effectiveness of management’s reviews.
We host regular breakfast seminars on topical issues and run an annual conference specifically for the sector.
If you miss a seminar you can download the presentation here.
Please contact us at firstname.lastname@example.org