FLIV and IT&V are useless. They aren't interested in collaborative Risk Management. They are interested in wielding control and failing teams. They are incompetent.
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Compelling and rich from the original poster. Surprised internal audit didn’t make the list.
It's just Audit. ITV taped Audit of its staff and many managers to ramp up years back during and right after Covid.
90% of the risks cited by Audit and ITV in their findings are hypothetical nothing burgers that will never materialize, but they cite them anyway. They cannot pass everything. Findings are their business.
ITV is the most expensive testing team in the bank. Not a single improvement has come from their work.
I would echo the incompetence. I spent a lot of time trying to understand one of their procedures. It was 20 pages long but full of nothing. And it also had incorrect math that nobody could explain. The two people I’ve worked with on two different occasions had to be spoonfed data because they didn’t have the skills to self-serve. So some degree of collaboration was inevitable.
Should independent testing really collaborate with you?