Internal Audit (IA)
IA - the third line of defense in modern bank risk management - provides independent assurance to the board and should support board and senior management in promoting an effective governance process and the long-term soundness of the institution. The Basel Committee on Banking Supervision has given IA a top priority, as it listed under Principle 10 of the "Guidelines - Corporate Governance Principles for Banks", July 2015.
Internal Audit Outsourcing
With increasing market volatility and complexity, IA is being asked to deliver insight and value beyond assurance, particularly in the areas of strategy execution, emerging risk, and the rising use of data analytics. As a result of the aforementioned challenges and pressing cost efficiency programs, many institutions have turned to outsourcing arrangements for (parts of) their IA function.
Risk & More provides benefits of Outsourcing
In a full outsourcing arrangement for the German-based subsidiary of a U.S. financial institution, Risk & More acts as the IA function, helping the institution to:
- Provide the institution with a greater level of assurance and risk coverage
- Offer short- and long-term cost flexibility and scalability
- Save the organization as much as 50% in costs
- Identify and manage emerging risks effectively
- Supply intellectual capital, offering pro-active insights and recommendations on leading practices
- Redeploy valuable internal resources toward core business activities
Consider outsourcing, take advantage of the benefits. Your contact person: