Internal Audit Portfolio Lead
Bank of Ireland (UK) Plc
Peter O’Neill is currently Internal Audit Portfolio Lead for Bank of Ireland’s UK subsidiary and oversees an audit portfolio consisting of Risk, Finance, Change and HR.
Peter has over 17 years of Retail Banking experience which includes a number of years in first line credit and mortgage roles and nearly ten years in various roles in internal audit.
During the past two years Peter has been closely involved in the implementation of agile practices within Bank of Ireland, regularly taking the role of ‘Product Owner’ for internal audits and taking part in internal and industry events to promote the benefits of agility within internal audit.
Thursday, 19th - 2:20 to 3:10 p.m.
Concurrent session 2.2 - Agile in Audit
Internal Audit teams are continually challenged to provide more value to stakeholders while enhancing organizational influence and impact. Stakeholders are demanding more efficient assurance, better advice on processes and controls, and greater anticipation of risks. In reports, they want deeper insights and stronger points of view.
While specific challenges vary across industries and organizations, most often it is understood that internal auditors need to:
- Deliver deeper insights into strategic business issues and risks
- Respond rapidly to changing priorities and emerging issues
- Become forward-looking in anticipating risks
- Move to more risk-based audit planning and fieldwork
- Streamline workpapers
- Deliver impactful, relevant, timely, readable, and visual reports
- Access the applicable skillsets for the project at hand
- Deepen specialized skillsets, particularly in cyber and analytics
Current efforts to address these challenges are not working—or not working quickly enough.
By aligning mindset and process, Agile Internal Audit frameworks direct time and effort toward the issues, challenges, and risks that most affect the organization’s ability to implement strategy and achieve goals. At the same time, it aims to conduct routine assurance activities without unnecessary resources, effort, or reports.
Successful adoption of an Agile Internal Audit methodology depends on mutually understood goals, transparency about the work, and efficient resourcing. This is not, as some mistakenly believe, about cost cutting.
with Glen Gauci, Audit Manager – UK Operations Lead, Bank of Ireland UK