If you are like most Americans, I am sure you and your family have some traditions that have stood the test of time, doing the same thing year after year, with little change. Holiday meals, family vacations at the same resort, Mother’s Day brunch, Father’s Day golf, or watching the Fourth of July fireworks from the same location are examples. Traditions are easy, comfortable.
What are some of the “traditions” in the workplace? Holiday parties, maybe a summer picnic, or heaven forbid, your audit program? In today’s world of constant change, it is surprising to me how often financial institutions do the same thing year after year. How often do you hear someone say, “Let’s just do the same as last year”?
If your institution has had a static audit program (internal audit, compliance audit, information technology audit, etc.), it may be time for a change. This is particularly true if your audit program hasn’t yielded findings or recommendations for improvement. While change is never easy, a risk-based audit program can ensure relevance and efficient allocation of resources. At Wipfli, the risk-based approach acts as the foundation for our audit methodology and guarantees each institution has an audit program tailored specifically to its risk profile. If you have any questions on implementing a risk-based audit approach, please contact your Wipfli relationship executive or email us at WipfliFIpractice@wipfli.com.