Consulting & Advisory (Financial Services) · related to Risk Advisory Consultant

Internal Audit Consultant

BriefYour role

L3 salary: Not published yetSalary figures open with the salaries section.
Upcoming dated changes: 16 changes aheadNext: 31 Dec 2026
Where the changes come from
Each change in the Regulatory calendar comes from an official text, linked on its page.
A change affects this role directly when it names a process that is one of the role's main tasks.
Top critical skills: Internal controls and risk oversight
Basel framework and capital
Regulatory change impact assessment

What the role does

Internal Audit Consultant is a role in Consulting & Advisory (Financial Services). The family covers management, technology, risk and sector consulting. The core skill is internal controls and risk oversight, and the main work is audit and assurance, capital calculation and change and project delivery.

This is a brief profile written from the catalogue. A full profile with a day in the life, level descriptions and the effect of AI is being written.

Levels

L1 Starting out 0-2 years
L2 Independent 2-5 years
L3 Senior or specialist 5-9 years
L4 Leads a team or an area 8-14 years
L5 Leads the function 12+ years

Full level descriptions and job titles

The EFO level names are the common scale; job titles differ between employers.

Levels of Internal Audit Consultant
Level	What the work looks like	Typical years	Typical job titles
L1 Starting out	Learns the job; executes defined tasks with supervision	0-2	Banks: Analyst, Junior Analyst, Associate (asset servicing), Trainee, GraduateAsset servicers: Junior, Specialist (entry), Officer
L2 Independent	Owns a process end to end; trains L1; first contact for the team's clients	2-5	Banks: Analyst / Senior Analyst, AssociateAsset servicers: Specialist, Senior Specialist, Senior Officer
L3 Senior or specialist	Deep expertise; handles exceptions and change; represents the function in projects	5-9	Banks: Senior Associate, AVP, Assistant ManagerAsset servicers: Senior Specialist, Expert, Team Lead (small team)
L4 Leads a team or an area	Manages people or a large process; owns budgets or controls; escalation point	8-14	Banks: VP, Manager, Senior ManagerAsset servicers: Team Lead, Manager, Head of Section
L5 Leads the function	Accountable for the function in a legal entity or region; sets priorities and standards	12+	Banks: Director, Executive Director, Managing Director, Head of functionAsset servicers: Head of Department, Director

Skills

The percentage is the skill's share of the role; the bars are drawn relative to the anchor skill, which is shown full.

Critical 5

The job cannot be done without these.

Internal controls and risk oversightWeight 12.7%Anchor skillExpected level: practitionerRelevant to you
Basel framework and capitalWeight 8.5%Expected level: practitionerRelevant to you
Regulatory change impact assessmentWeight 8.5%Expected level: practitionerRelevant to you
Target operating model designWeight 8.5%Expected level: practitionerRelevant to you
Audit methodologyWeight 8.5%Expected level: practitionerRelevant to you

Important and supporting skills 18

Important 9

Needed in most positions.

Risk measures and sensitivitiesWeight 4.3%Expected level: practitionerRelevant to you
Control mindset (what could go wrong)Weight 4.3%Expected level: practitionerRelevant to you
Professional written communicationWeight 4.3%Expected level: practitionerRelevant to you
Building a slide narrativeWeight 4.3%Expected level: practitionerRelevant to you
Advanced Microsoft ExcelWeight 4.3%Expected level: practitionerRelevant to you
Operational resilience and ICT risk rules (DORA and equivalents)Weight 4.3%Expected level: practitionerRelevant to you
Risk judgment and escalation instinctWeight 4.3%Expected level: practitionerRelevant to you
Model validation and governanceWeight 4.3%Expected level: practitionerRelevant to you
IT general controls and SOX ITGCWeight 4.3%Expected level: practitionerRelevant to you

Supporting 6

Help in many positions.

Credit risk models (IFRS 9, IRB)Weight 2.1%Expected level: working knowledgeRelevant to you
Descriptive statistics and distributionsWeight 2.1%Expected level: working knowledgeRelevant to you
Stakeholder managementWeight 2.1%Expected level: working knowledgeRelevant to you
Microsoft PowerPointWeight 2.1%Expected level: working knowledgeRelevant to you
Project governance and reportingWeight 2.1%Expected level: working knowledgeRelevant to you
Assessing the quality of sourcesWeight 2.1%Expected level: working knowledgeRelevant to you

Useful 3

Occasionally useful.

Querying data with SQLWeight 0.7%Expected level: working knowledgeRelevant to you
Prudential and regulatory reporting (COREP, FINREP, US call reports)Weight 0.7%Expected level: working knowledgeRelevant to you
Working to tight deadlinesWeight 0.7%Expected level: working knowledgeRelevant to you

Processes

The work the role takes part in.

What each process covers

Audit and assuranceMainInternal and external checks on accounts, controls and processes.
Capital calculationMainComputing how much capital the bank must hold against its risks.
Change and project deliveryMainRunning programmes and projects: plans, budgets, requirements, testing, cutover.
Operational risk and controlsMainIdentifying what can go wrong in processes and keeping controls effective.
Regulatory change managementMainTurning new rules into changes to processes, systems and controls.
ICT risk and operational resilienceSupportingKeeping systems secure and available, managing incidents and IT third parties.
Market risk measurementSupportingMeasuring sensitivities and potential losses on trading positions.
Model development and validationSupportingBuilding and independently checking risk and pricing models.

Dated changes for this role

31 Dec 2026DORA register of information: 2027 annual submissionRelevant to you
1 Jan 2027Swiss capital and liquidity ordinance changes from January 2027Relevant to you
1 Jan 2027CRR3 output floor rises to 60 percent in 2027 and 65 percent in 2028Relevant to you
1 Jan 2027CSRD scope narrowed by Omnibus I; second wave reports from financial year 2027Relevant to you
1 Jan 2027FINMA circular on nature-related financial risks phases inRelevant to you

Worth knowing

Changes that touch a process this role takes part in as a secondary task.

24 Dec 2026EU Digital Identity Wallets: banks must accept them
2 Dec 2027AI Act: high-risk rules for credit scoring postponed to December 2027

See all 18 in the Regulatory calendar

Salary snapshot

Salary figures are not published yet

The L3 salary range for this role, with its sources, will appear here when the salaries section opens.

Certifications

PMP PMI
Lean Six Sigma Green Belt various
CBAP IIBA

Concepts to know

Neighbouring roles

Roles that need many of the same skills, by weighted skill overlap, with the skills you would need to add.

Risk Advisory Consultant

87% skill overlap

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Regulatory Consultant (Banking)

45% skill overlap

To add: Trade lifecycle, Process mapping and redesign, Structuring ambiguous problems

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Cybersecurity GRC Consultant

45% skill overlap

To add: Application security and frameworks, Identity and access management, Security incident response

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External Audit (Financial Services)

43% skill overlap

To add: International accounting standards (IFRS), Accounting fundamentals (double entry), Financial statement analysis and ratios

Your role

Compliance Officer

41% skill overlap

To add: Conduct and investor protection rules (MiFID II, FINRA, SEBI), Anti-money laundering regulation, Ethical judgment in grey areas

Your role

Regulatory Change Analyst

41% skill overlap

To add: Conduct and investor protection rules (MiFID II, FINRA, SEBI), Anti-money laundering regulation, Ethical judgment in grey areas

Your role

Do this job? Suggest a correction

Sources

The EFO role catalogue, with skills, levels and processes. How it is built
ESCO classification of the European Commission (external site) for job titles