United Overseas Bank (UOB) is a Singaporean multinational bank that owns four bank subsidiaries in Asia and provides a wide range of financial services to its global network. As banking is a highly regulated business, UOB established an internal audit function where each bank maintains its own audit function with the institution’s chief audit executive.
In this profile, Chief Audit Executive Victor Ngo discusses how UOB’s internal auditing team began using data analytics to improve audit productivity. Ngo also wanted to change the way the institution evaluated data to ensure they were not only focusing on reporting, but also assessing risks. UOB now recruits auditors with an analytical approach, which enables internal audit to present risks across the organization, rather than provide a singular view of a particular department.