Following decades of using an in-house internal audit model, a multi-billion dollar regional bank’s Director of Internal Audit retired. The client made the decision to outsource and enhance the capabilities of its internal audit function.
- Client encountered difficulty hiring a replacement with the broad-based professional experience required to lead the function going forward
- Provided DHG team members to manage the internal audit function
- Assembled a team of qualified professionals to serve as the client’s internal audit function, including two former employees from the internal audit department. This provided consistency and continuity throughout the transition.
- Created a risk assessment and new risk-based audit plan that was accepted by the audit committee
- Brought credentialed subject matter leaders not previously available to the internal audit team, in areas such as IT, compliance and trust
- Smooth, successful transition to the new outsourced model, and all deadlines were met
- Maintained sound working relationship with Big Four external audit firm throughout transition, and the external audit firm continued to rely on our work
- Enhanced quality through the outsourced internal audit model while realizing cost savings for the client
- Presented the client with many subject matter leaders, providing enhanced insights into risks, internal controls and risk management practices