How The Behavioral Risk Team Is Innovating The Internal Audit Function At Natwest

The internal audit (IA) function is a largely unseen and unsung one compared to ones like sales and marketing, operations, and finance. But it is an essential one. Recently its role has been expanding beyond the traditional internal controls focus to a broader one getting into more complex issues like corporate culture. In order to do so, the IA function is adding new capabilities, such as in behavioral risk based on concepts from behavioral economics. I explore these issues in an interview with Alexandra Chesterfield, Head of Behavioural Risk and Chris Spedding, COO at NatWest Group Internal Audit.

Eccles: Hi, Alex and Chris, thanks for taking the time to talk to me. Just to get things rolling, please tell me a little bit about yourself.

Chesterfield: Hi Bob. I’ve always been curious about why people do what they do and how those insights can be used to drive positive change for individuals, organizations, and markets. I lead a team of behavioral scientists and risk specialists in NatWest Group’s Internal Audit function. I joined from the Financial Conduct Authority’s (FCA) Behavioural Economics & Data Science team and previously set up and led research teams in policy / campaigning organizations trying to change “the system.” I am co-author of Poles Apart, published by Penguin Random House, on why people divide and how to bring them back together. And co-host of the “Changed my Mind” podcast. I would love to ask you this question one day, Bob!