Episode 8: Toby Whinnett, Managing Director, Financial Crime Internal Audit

In this episode of Inside the Auditorium Podcast, Toby Whinnett, Managing Director, Financial Crime Internal Audit at Barclays, discusses his career in economic crime and internal audit, emphasising the importance of understanding financial crime, the role of internal audit in mitigating risks, and the evolving landscape of technology and regulations. With a deep understanding of the ever-changing regulatory landscape, Toby shares critical insights for internal auditors working across risk, compliance, and governance.

In this episode, we explore:

• Why conduct is top of the agenda: Toby explores how poor conduct impacts customers, reputation, and the bottom line—especially when third parties and operational failures come into play. For auditors, the message is clear: focus on outcomes, not just controls.
• Economic crime and its growing impact: Learn how economic crime is now seen as a national security and financial stability threat—and why internal audit is playing a growing role in helping organisations navigate fraud, corruption, and organised crime.
• How AI can transform FinCrime risk management: The volume of data in financial crime makes AI and machine learning indispensable. Toby explains how auditors can harness AI to test controls, enhance assurance, and stay one step ahead of rapidly evolving threats.
• Building trust with compliance and risk leaders: Toby shares how empathy, technical knowledge, and sound judgment are key to partnering with MLROs and compliance teams—and why it’s vital to understand the nuances between theoretical and practical risks.
• Thriving on change and continuous learning: Toby continues to work in internal audit because it allows him to make a meaningful impact—helping organisations navigate complex risks and stay accountable, while contributing to better outcomes for customers and society.
• Prioritising audit activity with real-world insight: How geopolitical developments, threat assessments, and on-the-ground intel shape audit planning—especially in high-risk areas like sanctions, cash handling, and regulatory change.

Whether you're leading audits or building frameworks, this episode dives deep into what it takes to future-proof your internal audit approach in the face of growing economic crime threats.

Note: The views expressed by Toby are his own and do not necessarily reflect those of his employer.