These are pivotal times for the financial services industry. As the industry adjusts to the effects of COVID-19 and looks toward the future, the landscape is very different. Financial institutions must negotiate a multitude of shifting factors—from changing customer behaviors, economic headwinds, increased competition, increased regulatory pressures, and technological disruption. These macroeconomic forces, changing customer demands, and nontraditional business models are creating new opportunities and risks for financial institutions. As companies navigate this change, IT internal audit has become more relevant than ever to make sure IT risk is both assessed and addressed.
This point-of-view article is based on what our FS IT internal audit engagement leaders are seeing “on the front line” and in our discussions over the past three months with chief technology auditors and heads of technology audit across U.S. financial services organizations. Read it to learn more about eight key focus areas for IT Internal audit teams, regulatory trends, and emerging risks based on the 2021 technology landscape in the financial services industry.