Rise of digital platforms has created new opportunities for financial institutions to innovate and create new products and services, such as mobile banking and online investment platforms. Internal auditors need to be ab

Use of latest technologies Following are some areas that internal audit should focus on when auditing the use of latest technologies in systems: Security and Privacy With the use of latest technologies, there is an increased risk of cyber threats and data breaches. Internal audit should ensure that the systems are secure and that appropriate measures are in place to protect sensitive data. This includes an assessment of the security protocols, encryption, access controls, and other security measures. Governance and Management Internal audit should review the governance structure in place to ensure that there are adequate controls and oversight of the technology initiatives. This should include an assessment of the roles and responsibilities of key stakeholders, including the board, senior management, and the IT team. Additionally, internal audit should review the policies and procedures in place to ensure that they are adequate and up to date. System Development Life Cycle Internal audit should ensure that appropriate controls are in place throughout the system development life cycle, from design to implementation the maintenance. This includes an assessment of the testing and validation procedures, as well as the change management process. Business Continuity and Disaster Recovery Internal audit should ensure that appropriate measures are in place to ensure business continuity in the event of a system outage or disaster. This includes an assessment of the backup and recovery procedures, as well as the disaster recovery plan. Compliance Internal audit should ensure that the use of latest technologies is compliant with applicable laws and regulations. This includes an assessment of the data protection laws, industry specific regulations, and other compliance requirements.