New Delhi, April 24: Financial services organisations have a clear focus on fraud, cybersecurity threats, third-party risk and enterprise risk management (ERM) in their annual 2018 audit plans, even as most organisations have not moved to advanced analytics beyond the pilot stage, finds a recent global survey.
Conducted by consulting firm, Protiviti, the 2018 Internal Audit Capabilities and Needs Survey tapped professionals across countries. It found that as financial firms become focused on reducing compliance and audit costs, these firms are keen on embracing newer technologies.
“Robotic process automation (RPA), among the top areas in need of improvement is drawing significant interest from the chief audit executives and internal audit leaders,” according to the survey findings. The audit executives are seeking to learn how to use it from a business improvement standpoint, the survey found.
More than half of all Chief Audit Executives (CAE) respondents confirm that cloud and big data are included in their 2018 audit plans, according to the survey. The survey concludes that the “need for greater efficiency and the move to digital are driving the requirement for enhanced cloud computing knowledge, while big data remains an ever-present issue.”
In this context, as financial services’ companies seek partnerships with technology firms, third party risk management becomes a major concern for them.
Adding to an existing spectrum of concerns, stress testing and Comprehensive Capital Analysis and review are the other chief issues that dominate the mindscape of financial services auditors.
The new accounting standards for current Expected Credit Loss (ECL) also worries them enough to make an appearance in the survey findings.
Conducted by consulting firm, Protiviti, the 2018 Internal Audit Capabilities and Needs Survey tapped professionals across countries. It found that as financial firms become focused on reducing compliance and audit costs, these firms are keen on embracing newer technologies.
“Robotic process automation (RPA), among the top areas in need of improvement is drawing significant interest from the chief audit executives and internal audit leaders,” according to the survey findings. The audit executives are seeking to learn how to use it from a business improvement standpoint, the survey found.
More than half of all Chief Audit Executives (CAE) respondents confirm that cloud and big data are included in their 2018 audit plans, according to the survey. The survey concludes that the “need for greater efficiency and the move to digital are driving the requirement for enhanced cloud computing knowledge, while big data remains an ever-present issue.”
In this context, as financial services’ companies seek partnerships with technology firms, third party risk management becomes a major concern for them.
Adding to an existing spectrum of concerns, stress testing and Comprehensive Capital Analysis and review are the other chief issues that dominate the mindscape of financial services auditors.
The new accounting standards for current Expected Credit Loss (ECL) also worries them enough to make an appearance in the survey findings.