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KPMG Internal Audit: Top 10 key risks in 2016

Banking and Capital Markets.

Six years after the financial crisis, internal auditors at banks and capital markets firms continue to face increased pressure internally and externally.

Internally, the pressure comes from the board of directors, executive management, and business unit stakeholders. Externally, it originates from regulatory authorities—the Securities and Exchange Commission (SEC), the Federal Reserve Board, Office of the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), Financial Industry Regulatory Authority (FINRA), and investors.

Political, regulatory, and legal authorities and the media continue to highlight shortcomings in the industry, and regulatory agencies are growing increasingly impatient with failures to invest adequate resources to address their concerns. Internal auditors are considered part of the solution, and they must continue to:

  • Improve the risk identification and assessment process
  • Take a forward-looking and proactive approach to internal audits/reviews
  • Effectively challenge the first and second lines of defense
  • Identify relevant issues and provide value-add recommendations to business unit stakeholders—all while maintaining the independence and objectivity expected of an organization’s third line of defense.

This article highlights what should be top of mind for chief auditors and their teams during the upcoming year. It is based on our conversations with chief audit executives at banks and capital markets firms and internal audit executives at our share forums, as well as insights from KPMG partners and professionals who work in the industry.

The result is our ”Top 10 in 2016”—key considerations that internal auditors at banks and capital markets firms should evaluate as part of their overall strategy, risk assessment, and internal audit plan.

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