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Virtual Practice Workshop: The Role of Internal Audit in Managing Effective Boards

Undertaking board evaluations can be challenging, particularly for UK subsidiaries and branches of foreign banks. In this workshop, BDO will share industry experience and insights on the broader relationship between internal audit (IA) and the Board and explore the role that IA plays in the effectiveness of the Board.

The AFB is delighted to partner with BDO to provide a bespoke training workshop examining the role that IA plays in the effectiveness of the Board and how to effectively manage the relationship

This workshop is limited to 30 attendees.

Why attend?
This Practice workshop will focus on:

What does an effective subsidiary Board look like?  This will consider factors such as:

  • Composition and skills
  • Relationship with, and independence from, the Parent
  • Role in establishing and monitoring strategy.

Where does IA’s reporting expectations and obligations lie on Board Effectiveness?

  • Regulatory and professional guidance and expectations
  • Good practices

What role could or should IA take in assessing Board effectiveness?  This will consider:

  • Reviews aligned to annual audit plans, for example Board and Committee Management Information, Setting and Monitoring Strategy, Key decision-making processes, etc.
  • Periodic, specific evaluations of performance compared to established good practices and regulatory expectations
  • Supporting the use of a third-party specialist

Factors IA should consider when deciding to assess Board effectiveness itself:

  • Does it have the skills and credibility?
  • Does it have sufficient independence and objectivity?
  • Can it handle sensitive situations?

What will participants be able to implement Back@Bank after this virtual workshop?

  • A clear understanding of the role that internal audit plays in the effectiveness of the Board
  • Awareness of how to effectively manage the relationship between internal audit and the Board (including members from Head Office)

Who should attend?
This workshop is aimed at Board members, including the NED community as well as those working in an internal audit, governance, risk and Senior Manager function.

Speaker biographies
Richard Barnwell, Partner, Financial Services Advisory
Richard is a Partner within BDO’s Financial Services Advisory practice at BDO. He has over 20 years’ experience of working with firms across the financial services sector on a wide range of governance, conduct and compliance matters.
Richard joined BDO’s Financial Services Advisory practise in September 2017, where he leads BDO’s work on governance, conduct and culture. Richard has led governance, conduct, culture, risk, compliance and remediation reviews for a number of insurers, banks, wealth managers and asset managers. Richard is a Skilled Person for both the PRA and FCA and has worked on a number of s.166 reviews dealing with governance, risk and culture. He has worked extensively with general insurers over the past four years on a variety of topics including risk management, the Senior Managers and Certification Regime and broader governance (including culture), this has included s.166 reviews.

Michael Haddon, Principal, Financial Services Advisory
Michael is a Principal in BDO’s Financial Services Advisory practice with over 25 years’ experience providing assurance and advisory services to financial services clients in the UK and overseas. Michael specialises in providing internal audit and risk management advice and services including quality assurance work, training and delivering outsourced services.
Michael provides risk focused outsourced and co-sourced internal audit services to clients in the UK financial services sector. This role includes significant interactions with the business, risk and compliance functions and Audit Committees in developing and delivering the annual audit plans and in providing ad-hoc advisory support for change and remediation programmes. Michael is a qualified Chartered Accountant, a member of the ICAEW’s Internal Audit Panel and a member of the IIA.

Shrenik Parekh, Senior Manager, Financial Services Advisory
Shrenik is an experienced Senior Manager in the Financial Services Advisory team at BDO UK. He is a CFA charter holder with extensive experience of providing risk and regulatory advisory services on a broad range of topics to a number of financial services clients, particularly UK branches and subsidiaries of overseas parents.
Shrenik leads the Governance and Risk Advisory team within Financial Services at BDO which focuses on corporate governance, board effectiveness and culture. Shrenik also leads BDO’s service offering on the Senior Managers and Certification Regime and works extensively with Boards and the NED community on their ongoing effectiveness.

Optional Open Surgery from 10:00 – 10:30
After the virtual Practice workshop finishes at 10:00, members who wish to do so, can remain online for an Open Surgery session with our BDO speakers. The session is open until 10:30.

Please note the AFB has a new website and member portal, you will need to log in to our member portal to complete your event registration.  The log in details you used previously on our old website will no longer work.  Your username is your email address, use the ‘Recover your log in details’ button as this will allow you to set a password.  Alternatively,  If you cannot remember your password, you can reset this here or email  You will receive details on how to join the session a few days before the event.

Format:                Virtual workshop (platform: Zoom)
Cost:                      £220 + VAT
Date:                     14 October 2021
Time:                     09:00 – 10:00 – Virtual Practice workshop
                             10:00 – 10:30 – Optional Open Surgery
Places:                   Maximum of 30 people

The session is intended to be interactive and allow participants to discuss the examples provided, raise their own challenges and receive feedback from others. To enable this interaction, participants should ensure they can join by video. There will be ample opportunity for questions throughout the session, however, if you would like to submit a question before or have any specific questions or areas that you would like the Practice workshop to address, please send them to the AFB at  as soon as practicable. The Practice workshop will be held under the Chatham House Rule, in order to promote free and constructive discussion.

You will receive details on how to join the Virtual Practice workshop a few days before the event.