Financial services companies fall into two categories: Those that perform internal audits of their data and those that need to do so right now.
At many banks and financial services companies, data usage is growing faster than the internal audit function can respond. Before internal auditors can build a strategy to incorporate data into the internal audit plan, data-based processes have taken deep root in diverse areas of the business.
Many organizations develop a level of comfort with this disconnect – but they shouldn’t. In a financial services industry that is becoming more interconnected, technology-driven, and data-reliant every day, no organization can afford to leave data out of its internal audit universe in 2023.
Based on work with leading financial services companies and an analysis of trends within data and bank internal audit, here are five signs an organization needs to include data in its internal audit strategy as soon as possible.