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Case Study

Internal Audit of Investment Process for Global Asset Manager

The client

A leading global asset manager with over £350 billion in assets under management (AUM) that provides a broad range of actively managed investment strategies and solutions for individual, institutional and corporate clients. The asset manager has a presence in Europe, Middle East, AsiaPacific, North America and South America.

The work

We performed an internal audit review covering a key front-office investment desk managing several flagship funds. The Client wanted the existing audit programme to be significantly enhanced and to reflect best practice as although audits had been undertaken in this area in the recent past the audit programme has remained largely unchanged.

How we helped

We assigned experienced subject matter experts to review the existing audit programme and enhance it as appropriate ensuring that it addressed key risks, demonstrated leading practices, and accounted for the firm’s business operating model and regulatory environment.
Working with the Client, we identified additional key risks especially with respect to market and regulatory developments an designed and executed appropriate audit tests. Following the successful execution of the audit our consultants worked with relevant stakeholders to determine suitable
recommendations that were pragmatic and adequately mitigated the identified weaknesses and control gaps.

Value added

Our external perspectives, industry knowledge and expertise combined
with the Client’s intimate knowledge of its operations enabled us to bring more rigour, challenge and robustness to the audit. We established a high benchmark for the Client’s future audits. Moreover, we brought market insights, leading practices and incorporated the latest market and regulatory developments in front office controls and supervision, which were all reflected in our recommendations. In addition, we went above and beyond  and identified gaps and proposed enhancements in related areas which were outside the audit scope.

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