Internal audit is a core function to financial companies internal control and are often categorzied as ”the third and last line of defense”. The function is the Board’s tool to ensure sound governance and control. Through an independent and objective review of its own operations, a good compliance, risk management and corporate governance can be ensured.
An internal audit function is facing major challenges because of all the changes in the regulations that affect companies in the financial sector. FCG helps you to perform a complete internal audit and assist your own function with specialist knowledge. This can be done by outsourcing, but also through partial support. It can for example regard such services as below:
- Risk management for all types of risk; credit risk, insurance risk, liquidity risk, market risk and operational risk
- Model validation – valuation models, Solvency 2 internal model, risk calculations, stress-test models
- Data management and control
- A number of regulations – Basel I to III, CRD I to IV, Solvency II, UCITS IV, MiFID