Upcoming: IFACI 2018
Increased regulation, increased risks with the advent of new technologies … internal audit is gaining importance within companies. But to achieve its revolution, the internal audit function needs to become more digital.
On November 15 and 16, 2018, at the Beffroi de Montrouge, come and contribute to the discussions on the evolution of the GRC profession and risk management as a whole.
As a PwC study points out, exploiting new technologies – including collaboration, data extraction, data analysis and automation – will improve internal audit processes, and so too its contribution to the company’s performance.
Indeed, the study reports that 75% of the internal audit divisions qualified as “pioneers” would contribute significantly to the performance of the company, against 54% of “followers” and 34% of “observers”. “Internal auditors, through their recommendations, help companies achieve their performance objectives,” said Jean-Marie Pivard, president of IFACI (French Institute of Audit and Internal Control).
This is precisely what EY comments on in our most recent interview on the future of controlled compliance:
Pierre POURQUERY, Partner EY, banking sector also comments:
“This is where the visions of OXIAL and EY converge. We are trying to put in place a fundamental transformation of control and compliance. If you take MiFID II for example, with something like 400 pages of regulation. Each page, each paragraph can equate to perhaps 50 or 60 new controls.
If you take one regulation, the first question you have to ask, is which part of my business will this regulation apply to? You need to map this regulation and the sub-components to all of the different business lines. Essentially, you need a comprehensive and exhaustive list of risks.
For each risk, you then need to put the right controls in place. So you have a long list of controls that for each you must decide whether to do it once a day, or once a month, relating to your appetite to take or not take, risks.
Then when you have the control you have to gauge what regulators want external assessors to do. And it’s not even just regulators, industry also demands this. Banks have to comply with an industry code, and those that do comply are published on a list. A bank’s clients will see this list, who knows the repercussions of a bank not being on it?
So a bank knows what controls are needed and an independent assessment will assess whether it has control or not. If the controls are not in place, a bank has to make a decision – implement a new control, or not? It might be costly, or the bank could decide they can bear that risk. Massive decision, that make it difficult to keep the business sustainable.
What started with regulation has ended up with a critical business decision around controls and business. But what banks have not done in the past, is to link all the systems together – that’s what OXIAL and EY are doing.”
Attempting compliance exclusively internally can be a risky approach, and difficult to justify from an economic point of view, especially for a human-sized organization that wants to equip itself with GRC solutions.
There is another approach, however, according to OXIAL: supervised digital compliance. Because compliance is an ongoing process, rather than a one-time project, such a digital approach makes a lot more sense in the digital world in which we live.
How can OXIAL help you simply in collecting and analyzing all the risks your company needs to manage?
Learn more and talk to us personally at IFACI 2018:
Supervised digital compliance is linked to the support of a panel of external experts, advisors and auditors who are aware of the compliance requirements that impact you and have the expertise, experience and know-how to ensure that you are 100% compliance and can demonstrate it.
Such an approach offers a continuous and seamless process at competitive costs. Come discover its ease of implementation, the actors who already support it, and the immediate feedback of this innovative approach.
In “Speed Meetings” In One To One, we answer your questions and try to find solutions that work for you:
Digital Compliance: Myth or Opportunity?
See you at the IFACI conference on 15 and 16 November 2018.