Q&A with Denise Nuttall, Rising Star Audit & Risk Award winner
After 13 years in banking management and analyst positions, plus a period running her own business, Denise Nuttall decided to leap into the unknown when she applied for an internal audit role at TSB in 2021. At the time, she was a branch manager, but was looking for something different and fresh opportunities. At the time, she knew little about internal audit, but she realised that her skills were a close match with those in the job description.
Managers in the internal audit team soon spotted the influence that she was having on the function. Her knowledge of customers helped her to ensure that internal audit put them at the heart of their assurance plans. She demonstrated the skills learned in her leadership roles and was particularly good at building strong relationships within her team and with internal audit stakeholders. She has also been instrumental in leading a recent collaboration between the bank and Age UK in the City of London.
Why did you join internal audit?
When I reached 50, I started to re-evaluate my life. I asked myself what I wanted to do and thought about my choices, rather than just how I would pay the bills. I knew that I didn’t want to leave TSB, so I looked at the job opportunities available and there was one in internal audit that matched my skills set. I wasn’t sure, so I researched internal audit and met the manager who posted the job. I didn’t just want to know about the skills required, but also what the day-to-day job entailed.
Did the role meet your expectations?
I love everything about it. It’s project work, which I wanted, and it’s across all areas of the business, which makes it constantly interesting. We work in three-month cycles, so only focus on each audit area in that period. I’m currently in the conduct and economic crime team, but I could be called into any other team if they need my skills or knowledge.
I’ve worked largely in conduct-related work in the past, so this suits me. Consumer Duty is a huge area for us, so conduct and culture is core to everything we’re doing. I’m now helping to check that Consumer Duty is embedded across the organisation.
What skills are most important to your success in the role?
It’s been a huge learning curve. It took about 18 months before I felt that I knew enough to do a good job. Initially, I was overwhelmed by the quantity of information. I was immediately put in a team to learn while working on an audit. I also studied for the Internal Audit Practitioner designation.
After about a year, I had a lightbulb moment – the training and experiences on each audit kept adding to my knowledge, like going across stepping stones. You arrive at each new audit with your tool box and build up your skills and knowledge gradually. That’s partly why it’s so enjoyable; you’re always learning something new.
Communication skills are the highest element of the job. We have to communicate with every level in the bank. At first, I was nervous presenting challenging findings in meetings with senior managers. It took a while to get used to being in meetings with senior management.
It’s very different from working in branch management. Hierarchy doesn’t matter, because you are respected as a professional who is adding value by raising issues that managers need to know.
Do you wish you’d joined internal audit earlier?
In a way I wish I’d started in my twenties, but I don’t think I would be as good an auditor without my banking experience. You have to be confident to question everything and not worry about admitting what you don’t know.
What would you tell others who wanted to join internal audit?
I’d tell them exactly what the role involves, because it’s not easy and it’s not for everyone. I was asked to explain what I do in a TSB video about internal audit. Most people don’t know anything about it, or think we wear suits and carry clipboards. It should be promoted more in schools and colleges as a career option.
What do you enjoy most in the role?
The part I was most worried about was stakeholder engagement and holding meetings, but that’s the part I now enjoy most. I didn’t think I had the internal audit experience to talk with authority to senior managers. However, I’ve realised that if you are confident that what you’ve found is material and you can help managers see how they can use it and why they need to know, they want to listen to you.
What did winning the Rising Star Award mean to you?
Being told I was being nominated was huge – it gave me a massive sense of recognition. It was wonderful to be shortlisted and to attend the dinner, but I had no idea that I had won until they called my name. I thought I couldn’t have won, because there were two winners and they called the other one first.
Vanessa Swanton, Chief Audit Officer at TSB, also won in the Inspirational Leader category, so we had a double celebration. Our CEO does a weekly update for the business and he mentioned us and we were photographed and put on the company intranet. Lots of colleagues got in touch to congratulate me.
What next?
In the next three to five years, I’d like to progress and I am considering doing a Level 7 Apprenticeship. I don’t plan far into the future. I just want to do the best job I can.
What others said about Denise Nuttall
“Denise has provided valued support to others who had little or no prior audit experience. She is a great advocate for internal audit and regularly shares her knowledge with colleagues and coaches those new to the role. She is patient with others and invests her time in providing support to help them achieve their best. Denise is helpful, pragmatic and supportive of her fellow colleagues, often putting others before herself.
“In addition to her day job, Denise supports the volunteering activities that form a huge part of TSB's strategic 'Do What Matters Plan', building strong and valued connections with Age UK.
“Denise leads by example. She consistently demonstrates her curiosity, determination and pragmatism which are essential characteristics of a great auditor. She is a huge asset to the TSB internal audit team and truly a ‘Rising Star’.”
Jill Croll, Head of Audit at TSB
“Her natural empathy and collaborative approach have enabled her to draw on the experience of others, which has contributed to her quickly becoming a highly effective auditor. Denise also has high professional standards and a strong attention to detail, which have had a positive influence on her audit colleagues by consistently raising the bar across the function, constructively challenging the status quo and looking for creative ways to improve personal and team efficiency and audit effectiveness.
“She epitomises what it means to be a Rising Star and is proof that this can happen at any age and at any point in your career journey!”
Vanessa Swanton, Chief Audit Officer at TSB