Riskannals

Banks have long outsourced certain audits, but banking-fintech relationships are new ground. It can be difficult for bank IA departments to find the expertise among existing staff to perform an audit of the bank’s fintech line of business at the level the examiners expect. Auditing bank/fintech relationships is so new it’s impossible for an auditor to get an answer to the age-old question “what is the bank auditor down the street doing?” The auditor can’t log onto a posting board and pull down an audit program for auditing a bank/fintech relationship. The auditor can’t go to a conference dedicated to auditing bank/fintech relationships. The bank/fintech partnership industry is so new that there aren’t a lot of people sitting around asking “so, how are we going to audit this?”