MaRisk Audit Readiness

MaRisk audits typically focus on risk governance, risk management processes (identification, assessment, monitoring, reporting), internal control systems, data quality, IT systems, and the effectiveness of the internal audit function itself. Auditors also review the implementation of findings from previous audits.

Best preparation involves conducting a self-assessment or "mock audit" to identify potential gaps, ensuring all documentation is up-to-date and accessible, briefing key staff on what to expect, and organizing all evidence systematically. Proactive remediation of known issues before the audit begins is also crucial.

Auditors will request the risk strategy, risk inventory, organizational charts, committee meeting minutes, risk reports, policy and procedure documents, process descriptions, internal audit reports, and evidence of control execution (e.g., sample checks, logs).

Findings should be addressed systematically. Create a remediation plan with clear actions, responsibilities, and deadlines for each finding. Track progress regularly and report to management. Ensure that the root causes of the findings are addressed to prevent recurrence.

Internal Audit acts as the third line of defense, providing independent assurance on the effectiveness of the risk management framework and internal control system. It conducts regular risk-oriented audits and monitors the implementation of measures to address identified deficiencies.