From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More
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Internal audits in banking
From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More
Internal audits in banking
- [Instructor] Internal audits are an essential component of effective bank management. These independent and objective evaluations assess how well a bank's operations align with its policies, regulatory requirements, and risk management strategies. Think of internal audits as the bank's internal checkup to ensure all processes are working as intended. An internal audit typically has several goals. Identifying risk and ensuring proper controls are in place, verifying compliance with the laws, regulations, and internal policies, and improving operational efficiency by uncovering potential process improvements. Now, internal audits are conducted by the internal audit department or an internal audit team. To maintain objectivity, the audit team reports directly to the board of directors or the bank's audit committee, not operational management. What do auditors do during an internal audit? The scope for internal audits can include a variety of factors, but among others, financial…
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