Financial services is a complex and everevolving industry. The pace of change is faster than most industries and a unique challenge for internal auditors. To meet the challenges, auditors must be agile and always poised to address changes to the regulatory landscape and other emerging risks.
We also need to lead the charge when working with the other assurance teams such as Enterprise Risk Management (ERM), Model Risk Management, Internal Controls (e.g. ICFR/SOX), AML Compliance, and many others.
In our report, Emerging Risks in Financial Services Audit, we outline some emerging risks that can spring up and catch organizations off guard.