Would anyone be willing to share ideas on how they have implemented Coninuous Auditing within their bank? How did you obtain management buy-in? What resources outside of audit were needed? Was specialized software required? What areas are you testing?

Thank you!

We are in the process of implementing this. IAD is part of the holding company and to my knowledge, we have not sought management buy-in at the bank. We are a bank with less than 200mm in assets.

We are breaking down the annual branch audit into components that can be done on a continuous basis. We also took a look at audits that are on a two or three year rotation, and picked out areas from those audits that might need to be reviewed more frequently and could be easily reviewed by a simple query. Finally, we picked out high risk areas and areas with a lot of recent findings and recommendations and added audit steps that could be done of a periodic basis (such as quarterly or monthly). We are not purchasing special software, given our size. As you can see, this would not be like continuous auditing in a larger organization, but we think that it will help detect issues before they get out of hand.