The banking industry is changing fast, banks need internal audits that reflect this reality, and internal auditors can’t afford to do the same old thing. The challenge that many banks face, however, is that IA teams are so entrenched in their way of doing things, they often can’t recognize their own inefficiencies.
What’s considered efficient is constantly changing.
Just because a process works doesn’t necessarily mean it’s efficient or offers customers the most thoughtful insights into their risk. Thus, internal auditors need to consider implementing new technology that can allow them to focus on what’s important.
