- Emerging Risks and Internal Audit: A Journey
Naomi Schwabe, Director, Emerging Risks and Themes, Barclays Internal Audit
Regulators are increasingly expecting internal audit to scan the horizon where risks to the business are concerned.Internal audit continues to evolve in this area and determine the best approach.Naomi will address the importance of emerging risks for internal audit and what these are. The presentation will aim to demonstrate how internal audit departments can incorporate emerging risks in their audit work and show examples of how to do this in the audit plan lifecycle. Lessons learned from the Barclays Internal Audit function will also be relayed to provide an understanding of the challenges faced.
- External Quality Assessments (EQA)
David Alexander, EQA Reviewer, CIIA
David will reflect on his recent experiences from carrying out EQA reviews and will outline some of the key findings, as well as how best to prepare for an EQA.
Jessica Wills, Senior Audit Manager, PKF Littlejohn & Jonathan Broughton, Senior Partner, RPC Consulting
In December 2015, the PRA issued a 'Dear CEO' letter setting out its concerns over the continued soft market conditions in the UK general insurance sector. One of the PRA’s key concerns was the adequacy of the governance and internal control frameworks for underwriting, particularly pricing. The PRA is now examining this closely through its pricing thematic review of Lloyd's managing agents. Internal audit has an important role to play in assisting firms to stand ready to demonstrate the robustness of underwriting governance and internal control frameworks. The presentation will be led by Jessica Wills, a Senior Internal Audit Manager from PKF Littlejohn, and Jonathan Broughton, a partner from RPC Consulting. Jessica will speak about some of the particular issues that internal auditors need to consider in addressing the PRA’s concerns and Jonathan will discuss pricing tool adequacy in the context of the soft market, highlighting some of the common pitfalls of pricing tools of which internal auditors should be aware.
Alisdair McIntosh, Director of Policy & External Relations, Chartered Institute of Internal Auditors
The Chartered Institute of Internal Auditors (CIIA) published its Financial Services Code, “Effective Internal Audit in the Financial Services Sector”, in July 2013. It contains guidance developed by an independent committee made up of non-executives, executives and internal audit practitioners. The Code is about to be reviewed and Alisdair will be speaking about the process likely to be followed and seeking feedback on participants’ views and experience of the Code.