Many banks view internal audit (IA) as a necessary expense – and that’s it. Banks might believe internal audit can help the organization make small, incremental improvements to processes, but the work mainly is about setting more controls and reducing risk. Internal audit teams tend to check the same boxes year after year, and repeating this same process can be deflating.
It doesn’t have to be this way. The IA team can feel energized and integral to the mission of the organization because its members know their work has significant impact. Internal audit team members can be the heroes. But how?
Data analytics for banking is at the center of the transformation. When the IA team has access to the right data analytics for banking, it’s like having superpowers. The team is made up of the same people, but their abilities are leaps and bounds ahead of where they used to be.