Practice Guide: Auditing Credit Risk Management - eBook

Practice Guide: Auditing Credit Risk Management - eBook
SKU: 4050.PUB.BK04.00541.00.01
$25.00
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This Practice Guide is provided as a service to members of The IIA. Learn more about the value of an IIA membership.

Regulators across the globe are focused on financial services organizations’ credit risk management activities. Moreover, regulators and supervisors consider managing credit risk one of the pillars required to maintain a robust and solvent financial sector, which in turn encourages a steady economic condition.

Given the complexity and importance of managing credit risk within a financial services organization, this guidance will focus on credit risk arising from a financial services firm’s lending practices.

After reading this guidance, internal auditors will:

  • Understand the importance of credit risk in a financial services context.
  • Understand the regulatory environment and requirements related to credit risk.
  • Understand the risk governance and risk management processes surrounding credit risk.
  • Describe the nature and basis of measurement of the probability of default.
  • Design an audit engagement that assesses the appropriateness and effectiveness of the credit risk management framework and the adequacy of the institution’s credit profile.
  • Be able to apply IPPF and risk-based internal audit techniques to assess and audit credit risk in their organization.

 

Item Number: 10.1325.dl

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Auditing Credit Risk

Credit risk is a key risk for financial services organizations and, for a good number of organizations, maybe the most critical risk. Regulators and regulatory supervisors are focused on this risk, emphasizing the necessity of having accurate models that can measure the capital impact of credit activities, the risk of leveraged finance, and the great importance of counterparty risk. New requirements and supervisors’ expanded expectations are giving internal audit a more relevant and active role in the assessment of credit risk. In addition, the organization’s board of directors has responsibility for credit risk oversight and governance, and internal audit should provide the board with independent assurance regarding the organization’s credit risk management efforts. This course provides internal auditors with a baseline skill set necessary to test and evaluate the effectiveness of the organization’s credit risk management framework and processes.
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