internal audit - pwc · internal audit your challenges the regulatory framework is constantly...

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Internal Audit Your challenges The regulatory framework is constantly changing and grows in complexity. As a Management Company, you need to have: • an appropriate management of risks, to anticipate coming challenges and tackle them accordingly, • a complex delegation network and an oversight approach (i.e. due diligences and continuous monitoring) in line with regulatory requirements, • an internal audit function that brings value to your business and gives comfort to your Management and Board, while maintaining a reasonable cost level. Management Companies are struggling to identify and manage the risks they face in a highly competitive and changing environment. You need to maximise value and effectiveness and we’ll help you build a strategic internal audit function, to support you on the way to success. www.pwc.lu/management-companies Our service offerings tailored to Management Companies

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Page 1: Internal Audit - PwC · Internal Audit Your challenges The regulatory framework is constantly changing and grows in complexity. As a Management Company, you need to have:

Internal Audit

Your challengesThe regulatory framework is constantly changing and grows in complexity. As a Management Company, you need to have:

• an appropriate management of risks, to anticipate coming challenges and tackle them accordingly,

• a complex delegation network and an oversight approach (i.e. due diligences and continuous monitoring) in line with regulatory requirements,

• an internal audit function that brings value to your business and gives comfort to your Management and Board, while maintaining a reasonable cost level.

Management Companies are struggling to identify and manage the risks they face in a highly competitive and changing environment. You need to maximise value and effectiveness and we’ll help you build a strategic internal audit function, to support you on the way to success.

www.pwc.lu/management-companies

Our service offerings tailored to Management Companies

Page 2: Internal Audit - PwC · Internal Audit Your challenges The regulatory framework is constantly changing and grows in complexity. As a Management Company, you need to have:

Our solutionsWe offer the right blend of internal audit experience, asset management knowledge and technical, specialised skills sets.

• Rethinking the internal audit - We have a permanent team at your disposal to help you:o Assesstheefficiencyandeffectivenessofyourriskmanagementprocessesandcontrols;o Improve and optimise your processes through customised solutions. We work as a permanent function of your Management Company, beyond the internal audit plan.

- Wegatherourbestexperts(inthefirmandwithinourinternationalnetwork)tomakesureyougetthebest advice in terms of risk management, IT, compliance or anti-money laundering.

What you need to focus on - UCITSandAIFMDregulatoryframework; - Oversightandmonitoringofthedelegationnetwork(e.g.centraladministration,distributionnetwork); - Depositaries(e.g.specificrequirementsunderAIFMD,oversightduties); - Investment management (e.g. substance of the insourced function, oversight and continuous monitoringoftheoutsourcedfunction);

- Riskmanagement(e.g.specificrequirementsforprivateequityandrealestate,marketandliquidityriskforUCITS&AlternativeInvestmentFunds,internalmodelvalidation);

- Valuation; - Anti-MoneyLaunderingandCounterFinancialTerrorism(AML–CFT); - Transparencyandreporting; - Strategy,marketinganddistribution; - AIFMD for players outside the European Union.

• OutsourcingOur internal audit experts assess the inherent risks of your Management Company and develop audit plans tomeetyourneeds.Wefocusonnotonlyfinancialorcompliancerisks,butalsooncorporaterisksandkeystrategic objectives.

• Co-sourcingWe collaborate with your internal audit function to assist you in audit planning, risk assessment or execution. Wealsohelpyouonspecificmatters,includingregulatoryaspects(e.g.AIFMD,UCITS),processes/activities(e.g.investmentmanagement,riskmanagement,AML -CFT)andbusinessindustries(e.g.privateequity,realestate).

Page 3: Internal Audit - PwC · Internal Audit Your challenges The regulatory framework is constantly changing and grows in complexity. As a Management Company, you need to have:

LinkIAAll auditors are looking for a simple, suitable and ready-to-use solution that is worth their investment and returns the value they’re looking for.

That’swhywe’vedeveloped“LinkIA”,oneofthesimplestWeb-basedtoolstoefficientlymanageandfollow-upauditfindings,recommendationsandactionplans.Thisnewsolutionenablesauditorsandbusinessmanagers to: - Reducetheadministrativeburdenofauditfollow-ups; - Provide Top Management with real-time dashboard to monitor the status of recommendations and

action plans.

LinkIA has been designed to cover and address: - Themaintypesofauditfindingsandactivities(internalaudit,externalauditandquality/ISOaudit,etc.);

- Themainindustries(financialservices,industrialandservicecompaniesandpublicsector); - Companies of all size (small to multinational).

Page 4: Internal Audit - PwC · Internal Audit Your challenges The regulatory framework is constantly changing and grows in complexity. As a Management Company, you need to have:

©2016PricewaterhouseCoopers,Sociétécoopérative.Allrightsreserved.Inthisdocument,“PwC”or«PwCLuxembourg»referstoPricewaterhouseCoopers,SociétécoopérativewhichisamemberfirmofPricewaterhouseCoopersInternationalLimited,eachmemberfirmofwhichisaseparatelegalentity.PwCILcannotbeheldliableinanywayfortheactsoromissionsofitsmemberfirms.

Why PwC Luxembourg?PwCLuxembourg(www.pwc.lu)isthelargestprofessionalservicesfirminLuxembourgwith2,600peopleemployedfrom58differentcountries.PwCLuxembourgprovidesaudit,taxandadvisoryservicesincludingmanagementconsulting,transaction,financingandregulatoryadvice.Thefirmprovidesadvice to a wide variety of clients from local and middle market entrepreneurs to large multinational companies operating from Luxembourg and the GreaterRegion.Thefirmhelpsitsclientscreatethevaluetheyarelookingforbycontributingtothesmoothoperationofthecapitalmarketsandprovidingadvice through an industry-focused approach.

The PwC global network is the largest provider of professional services in the audit, tax and management consultancy sectors. We are a network of independentfirmsbasedin157countriesandemployingover208,000people.Talktousaboutyourconcernsandfindoutmorebyvisitingusatwww.pwc.com and www.pwc.lu.

Pierre François [email protected]

Cyril [email protected]

Alexandre Lambin [email protected]

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