Risk Management in Banking using the Global Internal Audit Standards

The thesis examines how the Global Internal Audit Standards influence risk management in the banking industry. Its objective is to analyse the impact of the new Standards on the risk-management process within the banking sector on a practical example. The study is divided into theoretical and empirical parts.The theoretical part defines key concepts and reviews existing findings from empirical studies. The empirical part introduces Bank XY and delineates the operation of its internal audit function on the basis of internal documents. It then summarises and evaluates semi-structured interviews conducted with representatives from the internal audit and risk-management departments. The findings indicate that the Standards have provided a notably positive stimulus within internal audit itself, however, their effect on the broader risk-management framework remains limited, mainly due to insufficient cross-departmental collaboration. The principal recommendation is therefore to intensify cooperation between Bank XY‘s internal audit and risk management departments, particularly through regular communication, sharing of outputs and alignment of methodologies.