Faced with an increasingly competitive environment, the banking sector is currently being forced to adapt their business models and product mix in order to meet evolving customer demand. Therefore, Internal Audit (IA) functions of European banks are similarly impacted by such business changes – they must continue to work hard to maintain their audit quality, recruit and retain skilled staff, monitor risks and respond to on-site inspections. As a result, change management is becoming an increasingly core skill for Heads of IA.
The IA functions of European banks find themselves in an increasingly prominent – and pressurised – situation. IA teams face challenges from supervisory scrutiny, the rapid evolution of technology and the difficulty in adapting to the changing product offerings by banks driven by shifting commercial demands.
It was against this background that KMPG ECB Office recently hosted its second European Internal Audit roundtable. These events aim to provide Heads of IA with a forum in which to share the challenges facing their functions, and to discuss potential strategies or solutions in response to this changing environment.
On this occasion, the key challenges discussed…
