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On the CAE Agenda Q1/Q2-2023 – Financial Services

The latest trends affecting the role of internal audit

The role and focus of internal audit (IA) in financial services is ever-evolving. This installment of the KPMG’s On the CAE Agenda series provides quick insights into what IA leaders within financial services have been hearing during the first quarter of 2023, as well as the topics they believe will continue to drive conversation with their stakeholders across the core elements of their CAE agendas as we move into Q2.

Hot topics in internal audit and key focus areas for financial services

  • Auditing in an inflationary environment (e.g., interest rate risk and counterparty credit risk)
  • Adequacy of risk management, contingency, and business continuity plans
  • Providing real time feedback to Board and Audit Committee regarding effectiveness of current risk management process
  • Data enabled continuous monitoring on emerging risks and uncertainties
  • Asset / liability management with a focus on liquidity, capital, and stress testing
  • Auditing digital platforms and complex AI models
  • Resolution and recovery planning
  • Mergers and Acquisitions with a focus on integration activities (e.g., pre and post legal day 1, MRA/MRIA issue validation)
  • Data, reporting, and cybersecurity
  • Digital payment platforms and processes (including digital assets)
  • Climate and sustainability impact on the business (ESG strategy and reporting)
  • Fraud risk management and financial crimes
  • Business continuity and operational resiliency
  • Governance over modern delivery (e.g. Agile, DevOps)

Q1/Q2 spotlight on:

Digital acceleration

  • IA’s role in the company‘s data quality and governance journey
  • Adoption/use of AI technologies
  • Data -driven enterprise & IA risk assessment

New ways of working

  • Balancing in-person versus virtual work to continue fostering growth
  • Overall shift in competencies and skill sets needed given shifts in IA delivery model (e.g., enterprise acumen and cultural and behavioral awareness)
  • Becoming a talent engine for the organization (e.g. rotational programs, guest auditors, career pathing) and retention of talent 

Operating model agility

Dive into our thinking:

On the CAE Agenda Q1/Q2-2023 – Financial Services

Quick insights into what IA leaders within financial services are currently hearing, considering, doing, and discussing with their stakeholders across the core elements of their CAE agenda during the first two quarters of 2023.

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Meet our team

Image of Richard Knight
Richard Knight
Principal, Advisory, and U.S. IT-Internal Audit Solutions Leader, Technology Risk Management, KPMG US
Image of TJ Scallon
TJ Scallon
Partner, Internal Audit & Enterprise Risk, KPMG US

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