Internal audit grappling with greater role in bank culture

Internal auditors need the support of bank boards and new skills to help drive cultural change in the industry, according to the chief of the profession's association in the UK

Ian Peters CIIA chief executive
Ian Peters, CIIA

Internal auditors lie at the heart of a post-crisis cultural shift at banks but they often lack the right skills and the co-operation of the board to ensure managers act in line with their bank's values and risk appetite, the head of the UK's Chartered Institute of Internal Auditors (CIIA) said in an interview.

The financial crisis revealed how internal audit erred in focusing too heavily on compliance and overlooking ethical failings and skewed employee incentives, Ian Peters told Risk.net. The

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