Sorry, not quite correct.
Because SMS is so good and hence needs little or no audit then it would be eminently suitable for the world banking industry.
SMS doesn't mean the Regulator no longer conducts audits.SMS is a move in the direction of outcome based oversight.However within aviation their will always be legislation and specified rule sets, so an element of compliance based oversight as well as outcome based will always remain.
In fact an external audit of an Operator based upon the elements of a SMS will provide a deeper look into the Operators systems and provide a more accurate snapshot of an Operators safety.