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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: