The role of the Audit Executive in financial services is not an easy one. The days of auditing relatively straightforward “core” risks are long gone. Traditional financial audits, regulatory compliance audits and common operational audits, where methodologies and audit plans are clear and established, simply do not apply to today’s era where risks are extremely dynamic.
New risks surface every day, in areas where there is often a lack of experience. Traditional, routine risks are easily identified, well known, and readily assessed; but they are not necessarily the risks that will most significantly impact shareholder value. Emerging risks, such as cybersecurity, can be more difficult to identify and assess, and often require the most critical focus.
There have been many reports outlining the key risks of 2015 and beyond. Common themes include cyber threats, organisational culture, technology disruption and changing regulation. These strategic risks are clearly where the most significant risks to business continuity and reputational risk lie, and yet there is a lack of knowledge and process around these risk types.
What does an audit manager do? Call in an outside expert or develop skills internally? Either way, the base knowledge needs to be there in order to manage the risk-based nature of audit today.
The Internal Audit for Financial Institutions conference is gathering together senior audit teams to discuss how best to manage the emerging risks that impact the audit function. We have senior teams attending from the likes of CBA, NAB, ANZ, Macquarie, Citi, Zurich Financial, First State Super Fund, and BT Financial Group, along with individual audit and risk managers from less complex institutions such as wealth managers, building societies and credit unions.
The forum will provide a rare opportunity to hear in-depth case studies from your peers in the sector, tackling the issues that undoubtedly impact all financial sector firms today. Book your place by December 11th to save $300 on ticket prices.