The impact of the pandemic and a rapidly changing environment is driving business models to become more agile, more innovative and more customer focused than ever. In response, regulation continues to intensify and evolve, with the introduction of the Consumer Duty, the new Investment Firm Prudential Regime which includes the Internal Capital Adequacy and Risk Assessment (ICARA) and the Appointed Representative Regime, which, unsurprisingly, are all themed around the importance of taking reasonable measures to avoid and reduce consumer harm. In addition, new requirements around sanctions have also driven a heightened awareness of financial crime, fraud risk management and cybersecurity, with significant investment by businesses to right-size controls strategies in these areas.

This content focusses on key areas relevant to internal audit as well as those that we believe will have greater focus in 2023. These key focus areas for IA are depicted in the planning priorities wheel, with the expandable tabs giving  more insight in each area.

We hope you enjoy using Planning Priorities 2023. If you have any questions, please get in touch.