Internal Audit Services

SERVICES

Internal Audit

Internal Audit provides firms with independent, objective assurance and advice which aims to improve governance, risk management and control processes.

Why Internal Audit matters?

A robust Internal Audit capability helps the board of directors, senior management, and regulators confirm that a firm’s business operations are operating effectively, key risks are mitigated, and robust action plans are in place.

How we can help?

At Objectivus, we focus on helping small to medium size financial services firms enhance their Internal Audit capabilities by providing different types of service depending on the client’s requirements.

Fully outsourced service: Many firms find the cost of an in-house internal audit function is prohibitively expensive, so full outsourcing to Objectivus can be more cost effective and efficient.
Co-sourcing: Where a firm needs additional resources to augment an in-house function, Objectivus can provide support through a range of tailored solutions.
Full-in house: Larger firms typically have an established Internal Audit department, Objectivus can help enhance its efficiency, impact and effectiveness with an independent review providing targeted feedback and focused action plans.

Support for an existing Internal Audit function

Irrespective of the Internal Audit delivery model, Objectivus can offer support in many ways:

Staff augmentation and resourcing: Providing qualified and experienced personnel to enhance the internal audit department, including the secondment of an interim head of department.
Start-up advice and support: Producing key documentation (internal audit plans, charter, reporting templates) and set up essential processes and procedures (operating frameworks, quality assurance determinations, issue tracking) when establishing an Internal Audit function.
Health checks, transformation advice and benchmarking: Providing general health checks and targeted reviews across all key Internal Audit areas of responsibility against Global IIA standards.

Internal Audit assignments

Each specific assignment is designed to address the strategic, operational, and financial risks a firm may face. In areas of weakness requiring improvement, Objectivus will develop clear and pragmatic management action plans with any necessary oversight on remediation work.

Typical areas of review:

Corporate governance and corporate functions
Third-party oversight
Financial crime prevention
Risk management (enterprise, operational, market, credit, and liquidity)
Consumer duty
Operational and cyber resilience
Business continuity, disaster recovery and crisis management
Regulatory compliance management
Internal systems and controls
Client money and assets (CASS)
Complaints management and customer resolution

Expertise

The Objectivus service is led by Mike Samways, a qualified accountant and a seasoned internal audit and risk management leader with extensive experience across UK and global financial services, banking software, and accountancy practices.

To see more of Mike’s profile please visit here

Direct email: mjs@objectivus.com