Head of Internal Audit for UK-based Global Asset Manager
Xcina Case Study

Head of Internal Audit Interim Cover for UK-based Global Asset Manager

The client

UK Based Global Asset Manager

The work

Our client engaged us to provide an experienced senior manager to act as Interim Head of Audit covering maternity absence. The role involved leading a team of professionals in providing a “first-rate” internal audit service which enhanced the control environment and promoted a broader risk awareness culture within a group of companies. This was achieved by working closely with the Management and Audit Committees in support of their corporate governance responsibilities.

How we helped

The first step was to meet with Senior Management and the Audit Committee Chair to establish the status of the annual audit plan and quantify the challenges faced by the internal audit team. From this analysis it was identified that the annual audit plan could not be achieved due to the existence of incomplete prior year carry-over audits, team member long-term sickness, and the full-time assignment of two internal audit resources to support a major business initiative that was behind plan. Through effective discussions with management, a revised risk-focused and rebalanced annual audit plan was devised and agreed with the Audit Committee. In addition, work commenced on clearing the backlog of unfinished audits and tasks, together with reducing the high number of aged and past due issues across the group that was the subject of Audit Committee adverse comment. Focus was applied to improving internal discipline, especially in respect of audit execution and the level of oversight and governance of risk and controls for services provided across the group.

Value added

By refocusing attention and adopting a pragmatic approach to the planning, execution and reporting of audits, the revised audit annual plan was achieved. The overall approach, number and severity of past due issues was tackled and reduced. In addition, attention to risk and control issues supported by the introduction of timely and meaningful metrics continued to build and raise the profile and perception of internal audit across the group.

Industry and sector:

Financial Services

Solutions and service area:

What our clients say

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Getac Technology Corp, Legal Affairs Center

"Xcina is always responsive to any question we have during the time we are implementing data protection remediation activities, they keep us informed and understand what we need and what we’re trying to do."

ParkMobileUK, Managing Director

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DKB Brands, Data Protection Officer

"Xcina really helped us to kick start our data protection compliance process. They took the time to speak to all departments of the business and outlined our highest risk to lowest risk areas. The insight and guidance they provided was essential for our business to become GDPR compliant."

Portman Settled Estates Limited, Estate Secretary

"Xcina’s ongoing support has ensured that our employees feel confident when dealing with data protection matters, with best practice knowledge and expertise from consultants who have taken the time to get to know our business and our industry."

National Bank of Kuwait, Compliance Officer

"Xcina worked with us on a number of data protection matters, including subject access requests and gave helpful, practical advice which reflected their understanding of technology issues as well as legal matters."

Your World Recruitment, Group IT Director

"We have worked with with Xcina successfully for two years, initially on internal GDPR GAP analysis. We now have them engaged as our ‘Virtual DPO’ provider and regularly receive useful, pragmatic and, more importantly, actionable advice on all areas of Data Protection."

Quadrangle Research, Group Chief Operating Officer

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