The role of internal audit in reducing financial technology risks and its impact on the quality of banking services

Abstract

This study purposes to shed light on the vital role that internal audit plays in enhancing banks' aptitude to confront risks related with financial technology, by developing control mechanisms that keep pace with rapid technical growths. The use of tools such as artificial intelligence, block-chain technologies, and digital banking services has led to the appearance of a new type of risk, counting poor compliance and technical working errors. Internal audit contributes to early documentation and analysis of these risks Hence, providing real recommendations to ensure the application of governance systems and good controlling practices, as it plays an powerful role in improving the quality of banking services, by monitoring weaknesses in customer experience and improving working performance, which leads to enhancing purchaser satisfaction and confidence in the banking organization. The research tricky was to know the role of internal audit in reducing the risks of financial technology and its influence on the quality of banking services in (National Bank, Commercial Bank) the investigation sample,The research was based on a basic hypothesis that internal auditing plays a role in plummeting the risks of financial technology, which donates to the excellence of banking services. The research reached a number of deductions, the most important of which is that the attendance of a high-quality internal audit system donates to plummeting information technology risks such as security openings, technical malfunctions, and electronic fraud. Internal auditing allows banks to detect risks before they happen, which limits latent losses and enhances financial stability The research optional that internal auditors should be skilled in modern technologies and grow their skills in the fields of cybersecurity, data analysis, and false intelligence systems, and that internal auditing must be integrated into the digital transformation strategy to be an essential part of the design and application of new banking systems.