Internal Control Assessment: This is responsible for assessing the effectiveness and efficiency of the bank’s internal controls. They review and analyze the policies, procedures, and processes to identify any weaknesses or gaps that may pose risks to the bank’s operations, financial reporting, or regulatory compliance.
Risk Management: Evaluate the bank’s risk management framework and practices. They identify and assess various risks faced by the bank, such as credit risk, market risk, liquidity risk, operational risk, and compliance risk. They also review the adequacy and implementation of risk mitigation strategies and recommend improvements when necessary.
Risk assessment: Participate in the bi-annual risk assessment process that informs the scope of the audit. Further, prepare the risk assessment on respective audit engagements.
Planning: Document engagement planning work in the audit software.
Compliance Monitoring: Internal auditors ensure compliance with applicable laws, regulations, and internal policies. They review the bank’s operations and transactions to verify adherence to legal and regulatory requirements. This includes monitoring anti-money laundering (AML) and know-your-customer (KYC) procedures, data privacy regulations, consumer protection laws, and other industry-specific regulations.
Communication and Reporting: Communicate their findings and recommendations to management and other stakeholders. They prepare audit reports summarizing their observations, conclusions, and recommendations and submit the Senior Audit Manager for review. They also provide ongoing updates on the status of audit activities and ensure that management takes appropriate actions to address identified issues.
Continuous Improvement: Internal auditors promote continuous improvement within the bank by identifying opportunities for enhancing processes, controls, and risk management practices. They stay updated with industry trends, regulatory changes, and best practices in internal auditing to provide valuable insights and recommendations for enhancing the bank’s overall operations.
Conduct audits either individually or as part of a team to give assurance as to the effectiveness of controls and other risk-mitigating measures.
Performance root cause analysis and develop appropriate recommendations.
Maintain audit files to ensure that audit findings are well supported.
Carry out investigative audits including fraud investigations as assigned from time to time to achieve specified objectives.
Prepare audit working papers to ensure that sufficient and reliable evidence has been gathered as a basis for reporting.
Creation of staff awareness on risk management to minimize operational losses.
Issue Tracking: Follow up on outstanding audit issues and document status updates in the audit software.