IIA National Conference 2021
As a Gold Sponsor for the Conference, we would like to congratulate The Institute of Internal Auditors Malaysia (IIAM) for delivering a successful conference. With the theme Internal Audit: Vigorous and Versatile, IIAMNC 2021 was held on 27-28 September 2021. With a total of 25 Speakers and 15 Virtual Sessions, it was a conference not to be missed by Audit professionals.
The Coronavirus disease pandemic (COVID-19) has severely disrupted global operation and forcing workforce to adopt new strategies to stay resilient during challenging period.
As the IIAMNC 2021 drew its curtain today, we are pleased to share several key takeaway points that will ensure auditors remain relevant and proficient in post-pandemic era:
- Drone, Data and Digital - Passion on technology and digital innovation have changed into data intelligence in the form of integrated solution, as shared by the CEO of Aerodyne Group in this session. The importance of being technology savvy in today’s highly competitive internal audit function should not be underestimated.
- Staying on Top of Emerging Challenge - Soft skill along with the right technologies are highly crucial for internal auditors to deliver information with an impact and value to the management.
- Building Internal Audit Function of the Future - According to survey conducted during conference revealed that 66 percent of respondents chose lack of knowledge on data analytic tools and technology for auditing as the main challenge that Internal Auditors are currently facing.
- Internal Audit of Strategic Procurement or Supply Chain – Today’s audit on procurement must focus on risk assessment, commercial strategy and automation of business process.
- Embarking on Environmental, Social and Governance (ESG Journey): Role of Internal Audit – Changing of stakeholders’ demand require a more strategic focus on sustainability. Bank Negara Malaysia has issued guidelines for financial institutions to identify and classify economic activities based on climate risks and opportunities. In April 2021, MMCG 2021 updated the best practice to strengthen board oversight and integration of sustainability considerations into companies’ strategy and operations. The role of internal audit in an ESG environment shall cover:
- assurance – to ensure the connection between corporate strategy, risk assessment and ESG performance reporting; and
- advisory – to build, recommend and advice the management on the ESG governance.
- Stepping out to Add Value: Integrity Risk Assessment (IRA) as a Game Changer – Group Internal Audit of PETRONAS has adopted IRA since 2018. IRA is a proactive, systematic and continuous approach in identifying where and how integrity issues may occur and focus on P-people, E-environment, P-process, S-system, and I-information.
- Digital Transformation, Risk and the Importance of Cybersecurity – Pandemic has ramped up the digital civilization of using Internet of Everything (IoE) from data, things, people and process. Cybersecurity failure is amongst of the top risks highlighted by Global Risks Report 2021. Cyber Defence Strategy covers CyberFIT on people, CyberACT on process and CyberDEF on technology or services.
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