The audit function is important, useful, and most of all, mandatory for financial institutions. It is becoming more complex due to more complex IT systems and regulations. Therefore, the audit function is broad and specialized, which makes it difficult for smaller parties to fulfill the audit internally.
Audit in Managed Service is a good alternative. Probability oversees the entire business operations and the 3 Lines of Defense risk framework. Furthermore, we can help your organization set up 3LoD. We aim to improve control, also in the audit role.
- Access to best practices in the Dutch pension world;
- Internal audit expertise in the financial sector;
- Experience with setting up 3LoD models for funds and implementers;
- Suitable for different governance and outsourcing models;
- Experience with audit for insurers and audit for pension funds;
- Experience with coaching CAE’s, support audit teams, and masterclasses audit.
The three lines of defence model is a governance model that assumes that an organization has three lines of defence (3LoD) in managing risks. The three components together must ensure that all risks are identified and adequately controlled
- Three lines together must guarantee sufficient control. Thick first line, slightly thinner second line, and vice versa. Strong second line, thinner third line, and vice versa.
- We strive for maximum improvement in control. Not for ‘just sufficient’.
- The MS Audit approach must be appropriate for the pension fund. We have experience with very large and very small financial institutions.
- The needs of the customer come first;
- Risk-weighted audit planning;
- Pragmatic and expert approach;
- Cost load is determined by the annual plan;
- Added value clear and specific;
- The risk-based annual plan is coordinated with the Board and Audit Committee;
- Cost-effective and transparent.