Strong and efficient lines of defense as the key to success
The scope and depth of regulated areas in credit and financial services institutions has increased exponentially in recent years. Despite efforts by supervisory authorities to ensure standardization at the international and national level, requirements continue to contradict or be disconnected from one another.
The complexity of the individual issues, as well as the dependencies and interfaces with other regulations and specialist areas, make implementation challenging and open the door to inconsistencies and risks. This places high demands on the technical competence and perception of the second and third lines of defense. The supervisory authority has noted negligence in the exercise of these functions and has continuously stepped up its efforts to review control functions and internal auditing.
Why are strong lines of defence a competitive advantage?
The efficient and effective performance of control functions and internal auditing gives you significant competitive advantages over other institutions and in the eyes of your customers:
- Reduction of financial losses due to unidentified risks
- Reduction of reputational damage due to negative press releases, e.g. regarding sanctions from special audits
- Improvement in the quality of internal processes, methods and procedures
Get started today
Are you ready to take your agency and internal audit to the next level? Let us turn your vision into reality!
Contact us now for a consultation and discover how we can increase awareness to save time and resources while opening up new opportunities.
Service Portfolio
Objective:
- Identification of implementation gaps and deficiencies in operational handling
- Preparation for a special audit
Benefits:
- Implementation gaps are known
- An action plan has been drawn up
- Employees have been trained
Procedure:
- Analysis of the implementation of regulatory requirements in governance and sfO
- Analysis of data quality and system usage
- Interview training for employees
Objective:
- Provision of experienced auditors to relieve the internal audit department.
Benefits
- Audit schedule can be adhered to
- Current market standards are taken into account in audit procedures.
Approach
- Provision of subject matter experts for selected audit topics
- Independent planning, audit implementation, and documentation
- Preparation of audit report and, if necessary, maintenance of audit tool
Objective:
- Preparation and support for the institute and departments during the special audit
Benefits:
- Focus on the essentials
- Benefit from experience
- Trained employees
Approach:
- Quick analysis of the implementation status of the audit focus areas
- Provision of an audit office including processes and templates
- Preparation of appointments including minutes
- Interview training for employees
Objective:
- Support in the structured and complete processing of findings from, for example, a special audit.
Benefits:
- Focus on technical issues
- Benefit from experience and current market standards from implementation projects.
Approach:
- Provision of a coordination office
- Development of an action plan
- Monitoring of compliance with the plan
- Technical support in processing the findings
Objective:
- Evaluation of service provider audit reports
- Derivation of measures
- Conducting on-site audits
Benefits:
- Saving time and resources in the institute's internal audit
- Flexible deployment in the D-A-CH region
- Security in service provider management
Procedure:
- Evaluation of internal and external audit reports from the service provider
- Summary of key findings and implications for the institution
- Recommendation of measures
- Conducting on-site audits at the service provider
Our services and topics in the area of audit support
- The frequency and complexity of regulatory requirements has increased exponentially in recent years
- Proper implementation and compliance place high demands on the expertise and experience of employees
- As a result, the interaction between control functions and internal auditing is often not yet optimally designed
- Tasks are either not performed at all or are performed inadequately
- Regulatory Update – We support you in the effective implementation of new or updated regulations
- Quality Assessment – We evaluate the performance of control functions and identify areas for action and solutions
- Managed Service – We support you in the operational implementation of your control activities and relieve you of day-to-day tasks
- MaRisk Check / Simulation §44 KWG: We simulate a special audit in accordance with §44 KWG with you and prepare your employees for the interviews
- Audit Office – We accompany you through a special audit in accordance with § 44 KWG. In doing so, we provide you with our audit office, including central coordination points, communication management, and documentation standards
- Co-sourcing internal audit – We conduct audits independently and help you adhere to your audit plan. In doing so, we apply national and international standards
- Remediation – We support you in processing your findings
- Further development of third-party management at a major international bank
- Further development of outsourcing management at a development bank
- Support for a special audit, including preparation and interview training at a development bank
- Processing of audit findings at an international fintech company
- Processing of audit findings at a foreign bank
- Processing of audit findings at a national institution
- Co-sourcing of internal auditing at a major international bank
- Co-sourcing of internal auditing at a building society
- Co-sourcing of internal auditing at a leasing company
Your contact person
heads the Control Functions & Audit Support department and is responsible for Community Third Party Management.