Completion of the audits within the required time-frame
Introduction of new risk processes to optimise the governance framework
Increased organisational awareness of the importance of risk management
The third line of defense has progressively become an increasingly dominant area of corporate governance, given its ability to effectively determine how an organisation assesses and manages its exposure to risk. Internal audit functions have had to evolve quickly in order to keep up with the increasingly complex and specialist nature of the audits that play such an integral part of the third line of defense model. Our client engaged us to support a plethora of skill gaps across its own audit function which became apparent when it was tasked by the regulatory to undertake a Cyber Security and Pensions Administrations audit. In order to demonstrate compliance to the regulators by the required deadline, our client needed us to build out its internal audit function with a team of capable, highly experienced auditors with an intimate knowledge of these specialist areas and a strong sense of risk awareness.
Through our staff augmentation model, Albany Beck was able to deploy a team of specialist auditors, suitably experienced within cybersecurity and pension’s administration, to the bank. This team, led by one of our Engagement Managers, worked closely with the bank’s Head of Audit and his senior stakeholders to scope out the audit, conduct the necessary field work and deliver the draft audit reports within the given timeframe. This activity was followed up by further business engagement to understand the risk and controls that had to be qualified before the final audit report and necessary action points could be completed. The audits were concluded within the required timeframes and the business implemented a number of additional risk measures and controls to optimise its approach to risk management across multiple business functions.
Improved understanding of the evolving role, influence and responsibility of the audit function
Enhanced awareness of the importance of internal auditors’ specialist knowledge/ expertise
Enriched engagement with the third line of defence across multiple business functions