2015-03-24-奥纬咨询-Streamlining_Risk,_Compliance_and_Internal_Audit_12页_632kb

Financial Services Risk, Compliance and Internal Audit Report Summary

Introduction

The 2007-2008 financial crisis and subsequent operational failures revealed fundamental weaknesses in financial services management and control systems. Firms have since faced increased regulatory pressure and enforcement actions. Regulators worldwide are implementing reforms to strengthen oversight and accountability.

Key Challenges

Firms face five major challenges in risk, compliance, and internal audit:

1. Unclear scope and roles between risk, compliance and audit functions
2. Uncoordinated processes without consistent methodologies
3. Redundant reporting to senior management with limited forward-looking insights
4. Lack of skilled resources and expertise in emerging risks
5. Fragmented information systems due to legacy tools and incompatible data

Optimisation Approach

Leading institutions are shifting from "compliance at any cost" to "control optimisation":

• Reduces control testing by ~30%
• Lowers operational losses by 0.3-0.8% of revenues
• Provides holistic risk management perspective

Target State Components

Organisations should focus on four dimensions:

1. Aligned scope, mandate and responsibilities
2. Harmonised methodologies and processes
3. Consolidated management information
4. Coordinated resources and infrastructure

Recommendations

Successful transformation requires:

• Strong board and executive support
• Strategic investment in talent development
• Implementation of integrated governance risk and compliance (GRC) systems
• Clear role definition across the three lines of defence
• Common taxonomy for consistent risk identification

Conclusion: The industry needs to move from fragmented compliance activities toward integrated risk governance frameworks to effectively manage evolving threats.