In 2013, the US Federal Reserve System issued a Supplemental Policy Statement (SR13-1) to accompany earlier Interagency Guidance from 2003 on the Internal Audit Function and its Outsourcing (SR03-5). The new guidance was issued in order to keep pace with changes in internal control processes and today’s global operating environment, and is partly in response to the global financial crisis. It is applicable to institutions with consolidated assets of greater than $10 billion.

This teleconsultation will review the guidance and share examples of how banks have implemented the guidance. Specifically, it will discuss the evolving framework of the internal audit, examining the role of the internal auditor, the architecture and governance structure of internal audit, monitoring performance-to-plan, and outsourcing arrangements. 

Attendance will be appropriate for Asian bankers, internal auditors, bank regulators, and others concerned with US regulatory guidance.

The panel for this session includes:

• Mei Lim, Senior Risk Specialist, Federal Reserve Bank of San Francisco
• Boon Ping Foo, Managing Editor, The Asian Banker (moderator)