This summer I have been spending a lot of time in the car with my son teaching him how to drive. We started out in deserted parking lots at 5 mph to 20 mph to practice moving the car, making turns, and parking. We moved on to business districts after 5 p.m. with little traffic and a few roundabouts to attempt. With about 15 hours behind the wheel, we are now driving on back-country roads and getting up to 55 mph on occasion.
The DMV does provide resources for parents and a downloadable lesson program that includes detailed descriptions of skills to teach your teen driver. There is also a minimum requirement of spending 30 hours behind the wheel, with 10 of those at night, prior to taking the behind-the-wheel test. I don’t remember any of this being available or required when I was learning to drive. I think I drove with my dad on one occasion and then had to take the driving test. Our teens really do have more information and resources available to them than we ever had. All this information and these resources help to lessen the risks that come with being a new driver. They also provide more formalized controls to help teens become safe and alert drivers.
Internal audits also allow a financial institution to become safer and be alert by identifying the risks within the organization, determining the organization’s compliance with policies and regulations, and recommending controls to lessen the risks and processes to ensure compliance. An internal audit provides management and the Board of Directors with a checkup on the controls established and where improvements can be made. Similar to driving practice, which can improve your teen’s skills and safety behind the wheel, regular internal audits can provide insight to strengthen your financial institution.