Internal Audit in banks: Challenges from the Russian/Ukrainian crisis
The current crisis is posing difficult challenges to the Banking System, which is requested to rapidly adapt and cope with fast-moving regulations and market developments.
A Banking Group risk profile can potentially be impacted on a wide range of drivers: business, regulatory, country, credit, liquidity and financial risk, operational/continuity (among which IT and cybersecurity, physical safety), fraud risk, and reputational risk.
The purpose of this thought paper is to define what role should be played by Internal Audit (IA) in the current situation to meet the expectations of its stakeholders, including Board members, Top Management, and Regulators, as a third-line independent function and how this role must be carried out.
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