Op risk managers give cautious welcome to new internal audit code

Updated guidelines could strengthen third line of defence, but firms warn costs could increase

audit cogs
Internal auditors will need to review the actions taken by different functions

Operational risk practitioners have given a cautious welcome to recent revisions of the UK code of conduct for internal auditors, though some warn questions remain over the function’s precise remit within a bank, as well as the cost of strengthening it.

The revised Financial Services Code, published by the UK Institute of Internal Auditors (IIA) on August 31, expands the responsibilities of the internal audit function – the third line in the three lines of defence model for operational risk

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