Just when you think you have the team to execute on your internal audit mandate now and into the future, disruption descends – risks emerge, business strategies pivot, new technologies surface, audit techniques are more sophisticated, and new ways of working proliferate. How do you strike a balance between leveraging your team’s talents and capabilities and being relevant and responsive to stakeholder expectations? Dutt will explore the evolution of the internal auditor’s skillset – what is required to be a third line of defense that is credible and capable of operating in a dynamic environment and responding to ever-changing needs.

Black and Ehamparanathan will focus on third-party risk management covering key risks in the third-party lifecycle and audit considerations. They will also briefly discuss the new OSFI-B10 guidelines and their impact on audit considerations. 

A proper third-party risk management program includes a review of cloud service providers. Walsh and DiAngelo will adopt the lens of an internal auditor in identifying TPRM best practices and key considerations for evaluating cloud service providers, their business continuity management protocols, and how internal auditors can address the inherent risks.

Executives from Canada’s financial services sector will provide a roundup of the latest industry developments and share insight on the impact on their organization. They will also profile the essential competencies that auditors need to develop in order to keep pace with escalating stakeholder demands.

There have been significant changes to the IIA standards and leading practices on conducting quality assessment reviews. Mariglia and Bhatt will provide an overview of them and the anticipated impact to internal auditors and their organizations. They will also cover leading practices for quality assurance reviews of the internal audit function, including the approach, scope, frequency, and other key elements.

With increasing regulatory scrutiny and nascent risks in the market, having a sound framework for managing risks and controls is more important than ever. An organization’s governance directly translates to their ability to successfully realize the execution of the Three Lines of Defense Model in daily risk-based decision-making and top-down/bottom-up operations. Conducting business governance audit reviews can deliver value to the organization through meaningful and proactive insights, inform Internal Audit’s annual risk governance opinion to the Audit Committee of the Board, fulfill regulatory requirements, and provide assurance to key stakeholders. Corbin will discuss Sun Life’s Internal Audit approach to reviewing First Line Business Governance.