AFM research highlights the evolving role of internal audit
28 October 2026
The AFM’s recent research finds that internal audit functions within financial institutions are continuing to professionalise. At the same time, the role of internal audit is broadening. Alongside assessing internal controls, there is an increasing focus on strategic risks, governance, culture and customer interests.
For financial institutions, this raises an important question: does the internal audit function still reflect the risks and challenges of today and those of tomorrow?
From controls to strategic risks
The AFM emphasises the importance of focusing on future risks, organisational culture and developments that may affect customer interests. This calls for an internal audit function that not only looks back at how existing controls are working, but also considers new and evolving risks.
For organisations, this means regularly reviewing the audit plan: is internal audit still focused on the risks that truly matter, and does the function provide management and supervisory boards with sufficient insight?
The role of data analytics and technology
We also see growing opportunities to strengthen internal audit through data analytics and AI. to identify risks and anomalies more effectively and improve audit efficiency. The challenge is to use technology in a way that genuinely contributes to the quality and effectiveness of the audit function.
Putting customer interests, culture and governance at the centre
The AFM also draws attention to customer interests, culture and governance. For internal audit, this means looking beyond processes and compliance alone. These areas can provide valuable insights into whether the way an organisation is governed and operates supports sound and ethical business practices.
For us, the research points to a clear development: a future-ready internal audit function looks beyond today’s controls and focuses on emerging risks that may affect the organisation in the future.
For financial institutions, now is a good time to assess whether their current internal audit function is equipped to address these challenges. Forvis Mazars supports organisations in establishing and strengthening internal audit functions, including through independent audits, quality assessments and specialist expertise.
Are you prepared for tomorrow’s risks? We would be pleased to explore with you how to build an internal audit function that reflects your organisation’s needs and the regulator’s evolving expectations.
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