Banking Forum 2019: the outcomes

Banking Forum 2019: the outcomes

Banking Forum 2019: the outcomes 1400 425 ECIIA

The ECIIA Banking Forum 2019 was a success! We have welcomed 87 attendees, representing 79 banks from all Europe, in Luxembourg.

After plenary introductions about the impact of the events from the last decade on the Financial System, we were updated on the new regulations from EBA. A panel discussion with representatives from ECB OSIs and from ECB JSTs also took place.

In the afternoon, CAEs exchanged best practices regarding skills and rotation of the internal auditors, audit function effectiveness evaluation and the general role of the internal audit function in the future.

Key messages from the discussions are:

  • There is a change of Bank’s DNA with continuous investment in the transformation, with an increase of IT cost and a decrease of Real Estate and HR costs.
  • A key question is how to best allocate the resources in the future? Internal audit must address the “old risks” in different ways (data analytics…) while also addressing the new ones (cloud services, cyber…). The access to data is becoming difficult (confidentiality clauses). There is a “big elephant in the room”: internal audit must get ready!
  • The three lines of defense model is under pressure in the digital work, we need new relations with the other lines to give efficient assurance to the stakeholders
  • We need an open and transparent DIALOGUE between the Supervisor, the Regulator, and the internal audit. There is a common ground on purpose from ECB and the internal audit profession: helping organizations to run sustainable strategies with a reasonable appetite for risk. A more candid discussion, with mutual understanding should take place
  • Internal auditors should not be shy!

To continue exchanging best practices and information, a group has been created on LinkedIn, the ECIIA Banking Committee. Join us there!

Our website uses cookies, mainly from 3rd party services. Please read our Privacy & Cookies Policy to learn more.