Strengthening IT Risk Assurance: Best Practices to Avoid Audit Nightmares

Annual IT audit coming up? Worried about what the auditors might find? You are not alone.

Across the financial sector, audit season often brings a familiar sense of unease. From rushed control testing to missing documentation, many organisations scramble to get their IT house in order just in time for internal or regulatory reviews. But what if audits did not need to feel like a root canal? What if your institution could always remain audit-ready?

Symptai believes that readiness is not just achievable; it is essential. Working with institutions across the Caribbean, we guide them to treat assurance as a continuous discipline rather than a once-a-year event.

Many institutions conduct annual audit planning, scheduling internal reviews across key risk areas. But things change. A data breach, a new regulatory requirement, or a high-risk digital initiative can easily disrupt the schedule. In such cases, IT audits may be triggered unexpectedly, leaving teams unprepared for the audit.

Even when audits proceed as planned, common issues arise, including informal practices, undocumented processes, and a lack of follow-through on remediation. We often find that while policies exist on paper, they are not consistently followed in practice. For instance, user access is sometimes granted without going through the required approval workflows, leaving no evidence that proper procedures were followed.

In other instances, risk registers go stale, and previous findings remain unresolved for years. Without structured, ongoing assurance, the same issues resurface, eroding confidence in the institution’s control environment.

Five Best Practices for a Proactive Approach

To shift from reactive panic to proactive resilience, we recommend five foundational practices:

1. Document and Follow Internal Policies - Ensure internal procedures, especially information security, data protection, access control, change management, and IT operations, are documented and consistently applied.

2. Align with Global Standards - Adopt frameworks such as ISO 27001 or NIST and perform gap assessments to benchmark performance and identify areas for improvement.

3. Maintain a Live IT Risk Register - Regularly update a central register that maps risks to controls, allowing teams to track emerging threats and responses in real-time.

4. Conduct Internal Reviews Year-Round - Implement self-audits and periodic checks to identify weaknesses early, well before the next formal audit.

5. Track Remediation with Purpose - Use structured tools to monitor audit findings and ensure issues are addressed within agreed timelines.

By treating audits as a continuous process, not an annual fire drill, institutions gain a clearer view of their IT landscape and greater peace of mind.

Poor IT assurance can have serious operational consequences. We have seen institutions suffer service outages and even fraud due to unmanaged risks. In one instance, a client had never conducted a formal IT audit. Upon engagement, we uncovered significant fraud linked to the unchecked authority of a single IT manager, demonstrating the critical need for oversight.

In another case, an institution hit by ransomware discovered that its backup tapes were unusable because they had never been properly tested. These failures highlight that assurance is not about ticking boxes; it is about protecting systems, safeguarding stakeholders, and preserving reputations.

When it comes to adopting standards, one size does not fit all. We suggest choosing a framework that aligns with business priorities. Whether it is Control Objectives for Information and Related Technologies (COBIT) for governance, ISO 27001 for information security, or the National Institute of Standards and Technology (NIST) for its accessible guidance.

The key is to begin with a gap assessment, prioritise risks, and roll out improvements in manageable phases. We advise against attempting to fix everything at once, as these initiatives are not quick fixes. They require time, cross-functional support, and sustained commitment from across the organisation.

Operational resilience should be grounded in these risk assessments. If ransomware is a top threat, then investments in cyber defences and recovery procedures should reflect that priority.

Symptai’s Role in Assurance

Symptai brings deep expertise across audit, risk, and change management. In one case, we helped a financial institution expand from sporadic audits to quarterly IT reviews, building internal capability and confidence along the way. Whether leading pre-audit assessments or designing remediation plans, our approach is pragmatic, tailored, and grounded in industry best practices.

To maintain assurance over time, we recommend investing in audit management systems which centralise risk registers, monitor remediation efforts, and support better reporting. The goal is not just to identify gaps but fix them effectively and sustainably.

Ultimately, both auditees and auditors must shift their mindset. We encourage organisations to view audits not as punitive exercises, but as opportunities to confirm what is effective and strengthen what is not. With a more collaborative and constructive approach, audits can become a catalyst for resilience rather than a cause for anxiety.