Most financial institutions have an internal audit department responsible for the review of the institution’s internal controls. Risk management is a particular challenge to audit due to its highly technical nature. Smaller internal audit departments need to maintain a high level of technical expertise, but may not be able to justify full time risk auditors.
We have developed our own audit methodology for the review of risk management functions. Alternatively, we can perform an audit to the client’s own audit standards and methodology. Our audits are conducted by auditors who have experience of both risk management and auditing in a banking or asset management environment.
Our risk audit service includes the following:
- Planning audits to focus on the areas where the institution is running the most risk
- Performing entire audits or supplementing the client’s audit team with experienced risk auditors
- Attending close-out meetings to agree audit points
- Writing audit reports