Should you outsource the internal audit function?

Description

Abstract: A solid internal audit program is one of the most effective tools a bank has to inspire confidence — among directors, investors, regulators and other stakeholders — in its financial processes and reporting practices. But many banks find it makes more sense to outsource the internal audit function, in whole or in part. This article offers some factors for banks to consider when deciding whether to outsource this function. A sidebar discusses how to manage third-party risk.