Internal Audit Services
In financial institutions maintaining an efficient and effective internal audit service is key to meeting their on going regulatory or supervisory responsibilities. A sound internal audit function, either in-house or outsourced, can give repeated assurance concerning risk management processes, internal controls, and other governance processes, and recommend improvements. It can be an immensely valuable aid to management.
For many firms the developing financial world presents challenges both in terms of risk management and also consequently for the internal audit function. As a firm develops new products and services, the internal audit function needs to also develop the skills to assess such areas whilst continuing to add value to the business.
Risk Reward’s internal audit solutions can meet the specific needs of the business. We can work within an existing team, proving expert knowledge in specific areas, provide additional capacity to an over-stretched internal audit function or undertake complete additional reviews where the necessary expertise is currently unavailable to the firm.
As Risk Reward is not an external audit firm, our working in internal audit does not create conflicts of interest. Further our internal auditors will have experience of a number of financial institutions operating on a global basis, which they are able to use to identify pro-active and innovative cost-effective solutions to the issues that may be identified in the course of the internal audit assignment.
Specific services that Risk Reward can provide in this area include, but are not limited to, the following:
- Benchmarking your internal audit function and identifying areas where best practice is not being achieved.
- Measuring internal audit performance and value, including the quality and consequence of reporting.
- Undertaking internal audit assignments in complex business areas either as part of a team, or as a separate team.
- Providing training and assistance with the implementation of risk based internal audit.
