In an era of continued challenges around conduct and behavior
for firms, regulators and boards are more aware of the issues and
prepared to act. Customers and clients continue to expect more from
the industry with work well-progressed on topics such as the Senior
Managers Regime and Conflicts of Interest.
Executive Summary
This leaves a critical question for internal audit
functions to address—how does their work
provide confidence in the conduct and behavior of firms, and
ultimately help build trust with customers and clients? Are
they focused on the priorities that matter? In addition, we
should expect market disruption, innovation, and changing
business models to put pressure on internal audit functions. The
expectations on internal audit to cover the basics while
adding more insight and value—being a genuine partner
and critical friend—continue to grow. Many organizations
are seeking to enhance growth and returns to build market
share or access new
