Internal Audit Outsourcing
Outsourcing or co-sourcing internal audit functions are increasingly valuable solutions. Given the complexities of financial institutions, it is becoming increasingly difficult for banks and credit unions to maintain a team of internal auditors who are well-versed in all aspects of the operations. More and more institutions favor the value proposition of outsourcing or co-sourcing their internal audits.
An effective IA team needs to have a broad mix of skills, ranging from the junior resource needed for the more straightforward “box-checking” regulatory work right up to senior niche risk specialists. Using co-sourcing arrangements means having access to the sort of substantial headcount needed to do the job while not having to worry about issues such as career architecture that can make a fully in-house model difficult to build and maintain.
Under a co-sourcing arrangement, once a project is done, the clock stops – as does the cost. Co-sourcing works at all levels within IA and can be less expensive than bringing all the requisite skills in-house.
We offer a wide range of internal audit services. Outsourcing or co-sourcing your internal audit with TWHC will allow you to execute projects quickly and with the depth of knowledge and non-biased approach that management looks for.
Our internal audit group is composed of professionals who have been on both sides of the table and understand that pointing out a problem is only the first step; what financial institutions need from their auditors is a pragmatic, innovative solution.