Internal audit teams in banking face a lot of pressure. With complex financial products, ever-changing regulations, and skilled resource shortages, planning your audit coverage isn't getting any easier.
You need specialists who understand derivatives one day and cybersecurity the next. Plus, you've got to balance routine audits with urgent requests while keeping your team's utilisation rates healthy. Managing all this with spreadsheets or basic scheduling tools leaves too much room for error.
Let's look at how modern resource management software helps banking and finance audit teams tackle these challenges head-on.
Bank industry auditing resource challenges
Before we talk about how resource management software benefits banks and financial institutions let’s recap on the specific challenges it solves.
Put simply, when you're juggling Basel requirements, Sarbanes-Oxley compliance, and complex trading systems, you need the right expertise at the right time.
Consider regulatory requirements alone. Your team needs specialists who understand both the technical aspects of banking and the latest compliance standards. One week you might need an expert in derivatives for a treasury audit, the next you're looking for someone with cybersecurity credentials to review digital banking controls.
Then there's the global aspect. Many bank audit teams work across multiple time zones and jurisdictions. You're not just matching skills anymore—you're coordinating across continents while ensuring each region meets its local regulatory requirements.
Added to this, you've got stakeholder expectations to manage. Board audit committees want comprehensive coverage. Business units need rapid responses to emerging risks. And everyone wants assurance that nothing's falling through the cracks.
Of course, you're managing all this with limited resources. Most bank audit teams we work with say they could use 20% more staff—but that's not always an option. You need to make the most of the team you have.
Let's look at how focusing on smart resource management can help solve these challenges.
Banks resource management priorities
“Technology is key to our audit approach,” says Carl Seabrook (Chief Audit Officer at State Employees’ Credit Union) in a recent Audit Board post, “we are fortunate to have a dedicated group of professionals focused on leveraging advanced technologies, such as machine learning and software to gain efficiencies in audit execution and to continuously improve our audit processes.”
One such technology is resource planning software. It makes all the difference in banking and finance audits. When you're dealing with complex financial instruments or critical regulatory reviews, getting the right people on the right audits is essential.
First up, there's audit scheduling. You need to map out your quarterly plans while keeping room for those inevitable urgent requests. Most audit teams we talk to spend hours juggling their schedule when a new priority pops up or someone leaves the team. With proper resource management tools, you can replan in minutes, not hours.
Technical skills matching is another crucial piece. Maybe Sarah's your go-to person for treasury audits, while James specialises in retail banking controls. You need to track who can do what—and more importantly, who's available when. Modern resource management tools give you this visibility at a glance.
Speaking of skills, there's certification tracking to consider. In financial services, you can't just assign anyone to an audit. You need to ensure your team members have the right qualifications and that their certifications are up to date. The right software helps you track this automatically.
Then there's the global aspect. If you're running audits across multiple locations, you need to coordinate teams across different time zones while making sure you're meeting local regulatory requirements. That's a lot easier when you can see your whole team's availability in one place.
Want to see how these priorities translate into practical features? Let's look at what you should expect from your resource management software.
Key resource planning software features for financial auditors
Financial audit teams need specific tools to handle their unique challenges. Let's explore what really matters in resource management software for bank auditors.
#1. Audit resource planning
First up is smart audit planning. You need software that helps you schedule both routine and special audits while keeping track of your risk coverage. The best tools let you quickly find available team members with the right skills and adjust your plan when priorities change.
#2. Skills tracking
Talent skills tracking is crucial in finance—but it goes beyond basic qualifications. Your software should help you map out who has experience in specific areas like derivatives, cybersecurity, or regulatory compliance. You want to be able to find the right specialist quickly when you need them.
#3. Workflow management
Global workflow management features matter too. Most bank audit teams work across multiple locations and time zones. Good resource management software helps you coordinate these teams efficiently, ensuring you've got the right coverage everywhere you operate.
#4. Integration
Think about integration capabilities as well. Your resource management software should work smoothly with your existing audit management system and other key tools. This helps you track everything from audit hours to risk coverage without duplicate data entry.
#5. Resource reporting and audit trails
The reporting side is equally important. You need to show stakeholders that you're using your audit resources effectively and covering all key risks. Look for software that gives you clear visibility of team utilisation, audit coverage, and provides clear audit trails.
#6. Enterprise-grade security
Security isn't optional in financial services. Look for software that's ISO-27001 certified and GDPR-ready. Role-based access controls ensure sensitive audit information stays with authorised personnel, while single sign-on integration maintains your bank's security standards.
#7. Transparent AI decisions
Modern resource planning uses AI to match specialists to audits—but in banking, you need to know how these decisions are made. Look for software that provides clear explanations for AI-based matching. This transparency helps you maintain compliance and defend your resource decisions.
#8. Custom access controls
Different audit teams need different levels of access. Your software should let you set custom security conditions and permissions based on roles, regions, or project types. This granular control helps maintain data security while keeping teams productive.
Ready to see how these features translate into real benefits? Let's look at how to measure success with your resource management software.
Resource management software for banks benefits
Moving from spreadsheets or basic tools to proper resource management software makes a real difference to bank audit teams. Let's look at what you can expect.
First, there's the time saving. Audit managers tell us they save several hours each week on scheduling alone. Instead of juggling complex spreadsheets, they can quickly find available team members with the right skills and make changes to the audit plan in minutes.
Quality improvements follow naturally. When you match the right specialists to each audit, you get better results. Plus, with proper skills tracking, you can ensure your most experienced team members are working on your highest-risk areas.
Then there's the coverage aspect. Better resource planning means fewer gaps in your audit schedule. You can see exactly what's being covered and when, making it easier to demonstrate to stakeholders that you're addressing all key risks.
Team productivity gets a boost too. With clear visibility of workloads and skills, you can balance work more effectively across your team. This helps prevent burnout while ensuring everyone's time is used efficiently.
Ready to see how resource management software could work for your audit team?
Maximise your audit team's potential
Getting resource management right in bank auditing isn't just about efficient scheduling—it's about building a more effective audit function. The right software, like Retain, helps you tackle complex financial audits with confidence, knowing you've got the right specialists in the right places.
Think about what this means for your team. Less time spent on admin tasks means more time for valuable audit work. Better skills matching leads to higher quality audits. And clear visibility of your resources helps you respond quickly when new risks emerge.
The financial services industry isn't getting any simpler. New products, changing regulations, and emerging risks mean your audit team needs to be more agile than ever. Modern resource management software, like Retain, gives you the tools to meet these challenges head-on.
Ready to see how it works? Book a demo to explore how resource management software can strengthen your bank's audit function. We'll show you exactly how it can work for your team.
