August 02, 2017

Better, Faster, Cheaper? What You Should Expect from Next Generation Audits

The banking industry has been (understandably) shaken by the rise and impact of technologies like automation and artificial intelligence. The audit profession has been similarly shaken. Already, machines can handle a substantial portion of the audit services we provide. Oddly enough for a client service profession, however, it’s virtually impossible to find any information about how tactical audit process changes will impact our clients. A quick Google search shows no articles about what audit clients should expect to experience in the coming seven or so years.

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Topics: Audit

February 03, 2016

How to Evaluate the Collaborative Value of Your Audit Committee

Over the course of working with a variety of banks, I have seen numerous approaches to the audit committee role. In the best cases, the audit committee works in collaboration with the internal audit (IA) group, the external auditor and management toward a set of common goals. In others, work groups are compartmentalized and focused on their own work, not sharing information or goals.

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Topics: Audit

March 19, 2014

How to Fix Potholes in Banking

I was recently heading home on I-40 from Nashville and couldn’t believe all the potholes. The cold winter in middle and west Tennessee has wreaked havoc on the roads, and I found myself continuously dodging potholes so I could have a smooth, comfortable ride home. 

About 50 miles from my exit, traffic came to a screeching halt. After sitting in what had become a huge parking lot for about 10 minutes, traffic began to move very slowly for the next few miles. I was anxious to get home and was seriously annoyed. 

When I finally got close enough to see what caused the delay, I realized it was a road crew working on the potholes. I immediately thought, Why can’t they do this at night when nobody is on the roads? That’s when it hit me – I didn’t want the potholes on the road, but I selfishly didn’t want them fixed at a time that might inconvenience me.

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Topics: Risk Assessment, Audit