2020 Course Information
April 27, 2020
Panel Discussion – Internal Audit: Where do we fit in and what are our duties?
The Institute of Internal Auditors (IIA) defines Internal Audit as, “An independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. The internal audit activity helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance process.” Knowing that definition, how do we fit in and when should we know to take a step back. This thought-provoking conversation will have attendees thinking about their role in the Company. Specifically:
- Understanding the role of internal audit in projects vs. structured audits
- Learning how to audit functions independently and identifying when lines are blurred
- Responsibilities and when to know the IA department is doing ‘too’ much
- Auditing the second line of defense, culture, and Human Resources
Question and answer session will follow.
Auditing Basics – Scoping, Report Writing, and Root Cause Identification
This training will discuss effective methods for internal audit basics: Specifically:
- Objectives of audit reports and report structure
- Writing internal audit findings and effective writing techniques
- Identifying the appropriate root cause for the finding
- How to conduct a thoughtful risk assessment during the planning phase
- Understanding how the risk assessment adds value for the subsequent audit phases
Establishing and Executing a Compliance Management Audit Program
This training will focus on the lines of defense and their roles in operating a Compliance Management function. Specifically:
- Roles and responsibilities for the 1st, 2nd and 3rd lines of defense
- Sustained compliance
- Examples of an established compliance program by Bank size
Consumer Compliance Updates
This training will go through a high level overview of the regulation and factors to consider when auditing compliance regulations. This will include how to find applicable regulations that would apply to your institution as well as how to stay aware of recent regulatory updates. Specific regulations to be discussed:
- Code of Federal Regulations
- Deposits and Lending
- Regulation Z, CC, O
- Community Reinvestment Act
- Fair Credit Reporting Act
- Floor Disaster Protection Act
- Fair Debt Collection Practices Act
- Homeowners Protection Act
- HUD’s Regulation X – Real Estate Settlement Procedures Act
- Regulation AA – Unfair or Deceptive Acts and Practices
- FDIC Advertisement of Membership
- Military Lending Act vs. the Servicemembers Civil Relief Act (SCRA)
Auditing For Fraud
This training will go into detail of how an auditor should be auditing for fraud and what to be aware of. In addition, recent fraud trends will be discussed and shared with the group. Specifically:
- Understanding and building an anti-fraud framework
- Initial detection of fraud scenarios
- Exploring a fraud vulnerability assessment
- Recent fraud trends
April 28, 2020
Information Technology – Auditing in Sync with your IT Audit Partners
This training will discuss auditing the IT function and how it differs from scoping in IT related objectives into a non-IT audit. Specifically:
- Understanding IT risk as they relate to business risk
- Understanding the importance of IT General Controls
- Learning when to evaluate user access within your audit
- Your role in mitigating IT risk
- Working as partners with your IT Auditors
Real life examples of using data analytics in internal audit will be discussed.
Third Party Risk
This training will discuss third-party related risks as well as techniques that can be used by the Internal Audit function for effectively evaluating third-party risk. Specifically:
- Understanding cyber-related incidents and contingency plan failures
- Integrating vendor management oversight into critical bank processes
- Evaluating the adequacy of third-party risk management
- Understanding Internal Audits role in protecting the consumer
Auditing Asset Liability Management
This training will discuss the core concepts within Asset Liability Management. Specifically, this training will:
- Describe methods for measuring interest rate risk
- Defining the types of assumptions used in interest rate risk simulation analysis
- Testing the appropriateness of the assumptions in an interest rate risk measurement model
- Measuring the adequacy of the sensitivity of assumptions
- Identify the details of regulatory requirements specific to liquidity and interest rate risk management
- Interest Rate and Liquidity Risk and the Governance process
Current Expected Credit Losses (CECL) Update: Current Trends, Expectations, and Auditing Basics
This training will discuss CECL and how it impacts the internal audit plan. Specifically:
- Discuss common regulatory and industry guidance and apply to the ALLL calculation
- Compare and contrast ALLL and CECL
- Explain Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, specifically focusing on changes from the probable incurred methodology to the CECL methodology
- Examiner CECL related interagency regulatory guidance, including the Joint Statement on the New Accounting Standard on Financial Instruments – Credit Losses
- High level overview of auditing CECL
- Data integrity and data governance
- ACL Measurement
- Effective challenge and governance activities
Auditing Model Risk Management
This training will discuss the importance of auditing an effective model risk management framework. Specifically:
- Recognize the impact of recent regulatory guidance on model risk management
- Enhance Internal Audit’s role in the effective mitigation of model risk management
- Auditing an effective model risk management function, including:
- Model inventory
- Model methodology and development
- Model documentation
- Governance program
- Model validation
- Discover common tools of the trade