Internal Audit functions within financial services firms face many challenges. In order to be effective, Internal Auditors must develop knowledge of complex business environments with varied risk profiles; grasp the risks inherent in the development and deployment of new products and services, and adjust to a world of ever-changing regulation. Not only must Internal Auditors wear multiple hats for each business area, but must also wear the mortarboard of a scholar as they strive to learn the technicalities of new regulations, and how these regulations apply to the business.
Whilst recruiting a large team of skilled auditors with experience in all risk areas is an option, it is also a costly solution.
As Internal Audit teams strive to provide value-added assurance and consulting to their business, co-sourcing has become a go-to solution for many Internal Audit functions.
This is particularly the case in the field of financial regulation, where genuine expertise and benchmarking knowledge helps a great deal.
What are the benefits of internal audit co-sourcing?
By appointing a co-sourcing partner your Firm can benefit from:
- Flexibility to call upon experts in financial regulation to help assess compliance with regulatory compliance, without increasing your team size
- Expertise from an experienced practitioner in their field, that enhances the value and quality of your deliverable
Reduce the overhead of your Audit function by incurring costs for productive time only, by reducing unnecessary staff training and by minimising travel
- Benchmarking your own business against peers and the expectations of regulators
- Independence of review that a third party brings to your function
How can CCL help you?
Whether you need advice in scoping your internal audit review, access to a dedicated resource, or want us to undertake your review from scope to delivery, we can help you deliver your audit programme with quality and insight. Some of the areas that we can help with are:
- Compliance framework design and effectiveness
- AML framework design and effectiveness
- Fourth Money Laundering Directive/Money Laundering Regulations 2017
- Market Abuse Regulation
- MiFID II
- Conduct risk
- Client onboarding standards
- SM&CR systems and controls
- Complaint handling
- Regulatory reporting