Isabella Arndorfer (CIA, CCSA, CFSA, mediator) is an experienced Internal Audit and Governance specialist with more than 20 years of experience in the financial sector. She was working as Internal Audit Manager in the Internal Audit Department of the Bank for International Settlements (CH) and at the International Monetary Fund (US) from 2003 to 2023. She has led and conducted audits in the Banking Department, General Secretariat and Monetary and Economic Department, specialising in internal controls and corporate governance issues of financial institutions.
She was a lecturer on internal audit and governance issues at central bank seminars in Asia and Europe as well as at the University of St Gallen (Switzerland). She has also been member of the MENA OECD Competitive Initiative striving to improve governance issues in Middle East and North African countries and author of various publications.
In 2023, she founded the training platform www.cpetrainer.com and has been providing freelance consultancy services in audit, risk management, compliance, and governance through her company, www.ia-advisory.com.
She holds a degree in Business Administration of the University of Economics in Vienna (Austria) and a Masters Degree of International Management from ESADE, Barcelona, Spain. She is a Certified Internal Auditor (CIA), a Certified Financial Services Auditor (CFSA) and holds a CCSA (Certificate of Control Self Assessment) from the Institute of Internal Audit (IIA), Florida, USA.
Skills & Experience
- Internal Control Frameworks, Three Lines of Defense Model and Anti-Fraud Measures
- Corporate Governance and interaction between Internal Audit and the Board
- Audit reviews of processes and operations to ensure efficiency, effectiveness and sound risk and governance processes
- Operational and financial risk management in Treasury and Financial Instruments
- Financial regulation of operational/conduct risk and governance issues
- Lecturer at Training Institutes and International Central Bank seminars and universities
- Trained mediator of managing conflicts and communication
Education
2010
Executive Education – Harvard Kennedy School “Strategic management of Regulatory and Enforcement Agencies”
1992 – 1993
CEMS Master of International Management (MIM), ESADE, Barcelona, Spain
1987 – 1992
University of Economics and Business Administration, Vienna, Major: International Finance
1989 – 1990
Miami University, Ohio (USA) – Joint Study Program
Professional Certificates
2005
Certificate in Control Self-Assessment (CCSA)
2006
Certified Mediator for conflict resolution, “Perspektiva” Institute, Basel, Switzerland
2006
Certified Internal Auditor (CIA)
2007
Certified Financial Services Auditor (CFSA)
2009
Certificate “Quality Assurance Review”, IIA Zürich
Language Skills
German (mother tongue), English/Spanish (fluent), French/Russian (good working knowledge), Chinese (beginner)
Publications and Presentations
2023 – now
Various presentations on audit and internal controls at IIA and ISACA local chapters
2017 – now
“Three lines of defence and Internal Audit”, Lecture at Executive Course “Compliance” at University of St Gallen, Switzerland
April 2018
“Governance and Operational risk”, Lecture at the Arab Monetary Fund, Abu Dhabi
Mar 2017
“Risk management and internal controls in the procurement cycle”, presentation at OECD workshop for Middle East and North African countries (presentation), Paris
Dec 2015
“The four-lines of defence model for financial institutions”, Publication at the Financial Stability Institute, Bank for International Settlements
Mar – Sep 2015
“Corporate governance, internal controls and conduct & operational risks”, various presentations at Central Bank seminars, Oman/Mumbai/Switzerland
Apr 2007
“Ist Sarbanes-Oxley zu weit gegangen?”, Publication in “Zeitschrift für Interne Revision”, Germany
Aug 2007
“Der US Finanzmarkt verliert an Bedeutung”, publication in “Neue Zürcher Zeitung”, Switzerland
- Provide expert consultancy services in audit, risk management, compliance, and governance.
- Collaborate with organizations to assess and enhance their risk management frameworks and internal controls.
- Design and deliver tailored training programs to address specific client needs.
- Develop strategic recommendations to support clients in achieving regulatory compliance and operational excellence.
- Establish a comprehensive training platform specializing in audit, compliance, risk management, and governance.
- Design and develop a diverse range of industry-relevant courses.
- Oversee management of IT infrastructure to ensure seamless operations.
- Implement innovative customer service solutions to enhance user experience.
- Cultivate partnerships with industry experts to enrich course offerings and drive continuous improvement in training delivery.
Jun 2003 – Jul 2023
Audit Manager
Bank for International Settlements, Basel, CH
- Performed and led audits of operational units in the Bank (Treasury, Banking, Back office, HR, Procurement, Policy units)
- Efficiency and effectiveness reviews of operational units
- Implementation of Control Self-Assessments
- Observer of Basel Committee Working Group on Governance Principles in Banks
- Participated in and organised international conferences and working groups with other Central Banks and International Institutions
Sep 2006 – Mar 2007
Senior Auditor
International Monetary Fund, Washington DC, USA
- Performed and led audits related to the restructuring of the Fund (reengineering of Facilities Management processes)
- Performed Control Self-Assessment in the HR department
Jan 1999 – May 2003
Manager Treasury Controls
Altria Finance Europe AG (Philip Morris), Zug, CH
- Daily controlling of foreign exchange and money market treasury operations, including risk controlling, hedge reporting, deviation analysis actual vs. budget and daily P&L to Senior Management.
- Supervising and coordinating accounting activities, including monthly closing (US-GAAP and SEC reporting) to NY head office.
- Implementation of Internal Controls System (ICS) of trading and settlement processes.
Aug 1996 -Jan 1999
Associate Auditor
Philip Morris Corp. Services Inc, Munich, Germany
- Performed and led audit projects in Europe and South America
- Audited internal control systems relating to finance and other operational areas.
Mar 1995 -Jul 1996
Accountant
Bank of Tokyo-Mitsubishi Ltd., Vienna, Austria
- Daily accounting issues & monitoring of inter-office accounts
- Monthly and annual reporting to Head Office in Tokyo (GAAP reports)
