Internal Audit

The Bank of Finland’s Internal Audit Unit operates independently of other functions and is responsible for carrying out internal auditing at both the Bank of Finland and the Financial Supervisory Authority (FIN-FSA).

Internal auditing is an independent and objective assurance and advisory service designed to improve and add value to the operations of the Bank of Finland and the FIN-FSA. It helps these organisations accomplish their objectives by bringing a systematic and disciplined approach to evaluating and improving the effectiveness of governance, risk management and control processes.

Internal auditing is part of sound governance at both the Bank of Finland and the FIN-FSA, and it forms one of the three lines of internal control.

Three lines of internal control at the Bank of Finland and the Financial Supervisory Authority

Internal Audit delivers its services using audit methods and, to a limited extent, consulting methods.

Internal Audit participates in the work of the Internal Auditors Committee (IAC) of the European System of Central Banks and the Single Supervisory Mechanism. A significant proportion of the audits are IAC-coordinated joint initiatives.

The Head of Internal Audit at the Bank of Finland is responsible for communicating with the external auditors and for coordinating cooperation with them at the Bank of Finland.

The Head of Internal Audit is Helena Rantanen.