FMS conducted an Internal Audit and ERM survey of banks, thrifts and credit unions as a part of its February 16, 2010 biweekly Events and Education Newsletter, and its weekly Industry Insights of February 18. A few highlights:
- 63% of the respondents were from institutions with less than $1B in assets
- 46% have one person audit departments; 39% 2-4 people
- 71% outsource some of the internal audit function; averaging 39% of their activities
- 46% have either completely or partially adopted an integrated ERM program
You can view the complete results from the survey below.
| | | Commercial Bank, Savings Bank, Savings and Loan | 84 % | Credit Union | 16 % | Other | 8 % |
| What is the asset size of your institution? | |
| Less than $100M | 3 % | $101 - 249M | 21 % | $250 - 499M | 18 % | $500 - 999M | 21 % | $1 - 3B | 27 % | Over $3B | 11 % |
| How many FTEs are employed by your institution? | |
| < 50 | 17 % | 51 - 100 | 19 % | 100 - 250 | 31 % | 251 - 500 | 17 % | > 500 | 17 % |
| How many FTEs are devoted to your Internal Audit function? | |
| 1 | 46 % | 2 - 4 | 39 % | 5 - 7 | 7 % | 8 - 10 | 3 % | > 10 | 6 % |
| Are you planning on adding more Internal Auditors at your institution in the next two years? | |
| | < 1 | 15 % | 1 | 62 % | 2 - 3 | 23 % | > 3 | 0 % |
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| Does your institution currently outsource any of its Internal Audit activities? | |
| | If yes, approximately what percentage? | |
| | If these activities are currently outsourced, do you anticipate increasing the amount of Internal Audit outsourcing in the next two years? | |
| | | Do you anticipate decreasing the amount of Internal Audit outsourcing in the next two years? | |
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If your institution does not currently outsource any of its Internal Audit activities, do you anticipate begining to outsource in the next two years? | |
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| Has your institution adopted an integrated Enterprise Risk Management (ERM) program? | |
| Yes, completely | 23 % | Yes, partially | 23 % | No, but planning to in the next two years | 25 % | No | 29 % |
| If yes, is this ERM function independent of your Internal Audit department? | |
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| What types of risk do you attempt to manage within the ERM framework? | |
| Operational | 91 % | Credit | 81 % | Market | 66 % | Liquidity | 72 % | Reputation | 66 % | Business Continuity/IT Security | 78 % | Regulatory/Compliance | 84 % | Strategic | 56 % | Model Risk | 44 % | Litigation | 31 % | Hazard or Insurable Risks | 31 % | Vendor | 53 % | Privacy | 53 % | Budgeting/Financial Reporting | 31 % | Other Answers | 3 % |
| Does your institution have a Chief Risk Officer? | | | |
| | | If no, do you anticipate creating the position in the next two years? | | | |
| | | If yes, to whom do they report? | |
| CEO | 91 % | Board of Directors | 3 % | Audit Committee | 4 % | CFO | 1 % | COO | 0 % | Internal Audit | 0 % | Other | 3 % |
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This poll only reflects the opinions of those who chose to participate and is not scientific. The results should not be considered representative of either FMS member's opinions in general, or the industry as a whole.