Understanding technology’s impact on business risk in banking

Technology-based innovation in the banking sector is exceptional

Leading IT internal audit departments think about technology holistically and strategically rather than tactically. They formulate risk assessments and audit plans by developing a sector-level understanding of technology-based trends influencing the banking industry and their own strategic and operational objectives behind IT investments. By understanding how a bank’s technology strategy intersects with its business strategy, IT internal audit departments can gain insights into the real and significant risks to focus on.

This paper highlights seven technology trends that increase risk in the banking sector, and effect how IT internal audit determines its audit plan. 

Banking, internal audit, it, risk

A look into trends increasing risk in other industries

With more and more developers building in the cloud—given the cloud’s accessibility, portability, and powerful collaborative capabilities—the traditional focus on security and controls sometimes gets overlooked, creating unwanted entry points into the organization.

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Policy will drive change, but the focus remains on customers. Federal and statutory regulations aimed at improving the governance of utility operations will continue to change and add complexity.

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The deployment of financial technology (fintech) and other, emerging technologies such as robotics, blockchain, and artificial intelligence, have the potential to transform the financial services industry by facilitating efficient and cost-effective service delivery.

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How we can help

PwC’s Internal Technology Audit Solutions (ITAS) practice provides clients with a range of internal audit services from consulting on performance improvement, to sourcing the entire internal audit function.

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A. Michael Smith
Internal Technology Audit Solutions Leader, PwC US
Tel: +1 (646) 471 9580

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