Based in Belgium, Euroclear is one of the world’s largest providers of domestic and cross-border settlement and related services for bond, equity, exchange-traded fund and mutual fund transactions.
In this profile, Peter Sneyers, Chief Auditor, discusses how internal audit transformed based on feedback from stakeholders who wanted more insight and analysis. Although technically proficient, there was a general feeling among stakeholders that there was too much reporting, with too little emphasis on root causes, business impacts and consequences. Based on an analysis of stakeholder’s needs, the department switched from a broad fixed audit rotation to a risk-based rotational audit plan, which allowed them to answer the question: ‘What are the business impacts, and how might they be addressed?’