Summary
The FSA has decided to establish a “Working Group on Improving Internal Audits of Financial Institutions” to discuss issues involved in internal audits with related organizations and external experts.
In September 2024, the FSA published “Monitoring Report for Improving Internal Audits of Financial Institutions (2024)” which summarizes the monitoring results of not only large banking groups but also regional financial institutions, large securities companies, and large insurance companies, with the FSA’s recognition of issues and expectations.
The report mentions that the FSA will continue to promote the improvement of internal audits by proceeding with in-depth monitoring of financial institutions and that the FSA will consider the necessity of updating the “
Current Situation and Issues for Improving Internal Audits of Financial Institutions” (hereinafter referred to as the “Current Situation and Issues”) based on the results of the monitoring and international trends regarding internal audit, including reconsideration of classification of internal audits levels (phases).
The FSA believes that “Current Situation and Issues” should be updated to be able to present viewpoints that encourage improvements in the internal audits of entire financial institutions and that secure trust in them from domestic and foreign stakeholders. In addition, “Current Situation and Issues” should be able to be utilized also by non-financial institutions and overseas financial regulators.
Based on discussions in the working group, the FSA will consider updating “Current Situation and Issues.”
Participating organizations
- Financial industry associations (Representative companies)
Japanese Bankers Association
Regional Banks Association of Japan
The Second Association of Regional Banks
The National Association of Shinkin Banks
Shinkumi Banks Association of Japan
National Association of Labour Banks
The Life Insurance Association of Japan
The General Insurance Association of Japan
Japan Securities Dealers Association
Japan Financial Services Association
Japan Payment Service Association
Japan Virtual and Crypto assets Exchange Association
The Institute of Internal Auditors Japan
External institutions such as consulting firms
Participating organizations may be made additions to or changed.
- Contact
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Inspection Administrator Office / the Office of Inspection on Risk Management, Risk Analysis Division, Strategy Development and Management Bureau, Financial Services Agency
Tel +81-(0)3-3506-6000
