When too much borrowing and lending occurs, as it did in this sector, it can take many years for the excesses to be unwound. Some large adjustments have already taken place in the commercial property sector but the process probably still has further to run.
Complementing the risk framework, our internal audit program focuses its attention on the most important risks identified by management. Like many auditors today, our Audit Department takes a broad view of their responsibilities, reviewing not only the effectiveness of controls but also whether they are the most efficient way to achieve an end.