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There are many tools available some of which are already on your desktop (Excel, Access or even Word).This includes people whose role is to audit our IT systems, third party providers, CIO and operations. We operate in teams who face off to different business areas so they build knowledge of the business areas. We use our co-source to supplement resources and skills where this is required by the audit topic or plan.
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Our team now includes audit professionals, qualified bankers and individuals with regulatory, risk or industry backgrounds to give a mix of skills. Our team has quickly grown to FTE 41 as we went through IPO to become an independent bank. People – We started with an operating model of FTE 14 with and addition 6 FTE in co-source. Answering the so what is more important to us than the how many. We aim to provide insight rather than just numbers and have been developing our MI to focus on themes and causes. Our Charters supports our access to all business systems and information to help us deliver each audit Reporting – We use our audit tool Thomson Reuters GRC to track every issue and report on every audit. We aim to use the best information available to the audit team to focus each audit on the highest risks and consider CAATs at the ‘planning’ stage. Execution – We follow an established methodology to plan and deliver each audit. We operate a rolling plan 12 month plan and maintain a number of audit strategies covering topics such as conduct and IT. Methodology - we operate a principles based methodology …… This has three core processes Targeting – where we use the audit universe to complete a risk assessment and develop the 12 month rolling audit plan. Our risk assessments is supported by internal and external information on hot topics and industry themes. The Audit Universe forms the basis for audit risk assessment and planning and includes all systems, processes, products, strategic events and key change programmes. The Universe now has 111 entities and is updated every six months. The first Universe was created in 2013 based on the planned operating model for TSB. This slide represents the process we went through to establish the audit function.The Model with IT outsourced to LBG has created challenges for our IT and data strategy. The new business included the establishment of an audit function that was initially going to be FTE 14 at launch. In data terms the new bank ‘inherited’ a complex architecture of over 600 systems that had been cloned, partitioned or segregated from Lloyds bank and many of which are still run by Lloyds bank under service agreements. The project involved the segregation of customer accounts and business data on Lloyds Bank and the seamless transition of over 6.6 million customers to a new business. The re-launch TSB was the biggest ever new bank created in the UK. From this decision the project ‘Verde’ was created. In 2009 the European Commission decided Lloyds Banking Group must sell parts of its business. TSB has been around for 200 years but we are a new bank.