Spotlight on...protecting organisational value; the importance of Internal Audit

Spotlight on…protecting organisational value; the importance of Internal Audit

Our transformation journey is about coming together, working towards a shared Purpose, celebrating and building on our legacy, by collectively reshaping the future of Al Ghurair. It’s a privileged position, and we all have a part to play in shaping and driving the transformation.

Our ‘Spotlight’ series aims to shine a light on transformation highlights across the group. Each edition will feature a different team or colleague, showcasing progressive action, innovation, and Purpose-led progress!

In honour of International Internal Audit Awareness Month, the latest edition of our ‘Spotlight’ series is dedicated to honouring our in-house team of internal auditors – recognising the ways in which they drive our business forward through their commitment to good governance and risk management. In addition, we explore the value of an internal audit function as a key pillar of governance in any organisation, including our own!

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The Internal Audit Function: A Critical Component of Organisational Success

Designed to enhance and preserve organisational value, the internal audit (IA) function has become an indispensable component of organisational success. The independent, objective assurance and consulting activity of internal auditing helps a business accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, internal control, compliance and governance processes.

In today's complex business environment, organisations face a wide range of risks, including cyber threats, regulatory compliance challenges, and financial volatility. Now more than ever, internal auditors are presented with the opportunity to lead the way, drive change, and maximise impact by going beyond compliance.

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From Compliance to Value

One of the primary roles of an IA function is to provide assurance that an organisation is operating effectively, efficiently and that risks are being appropriately managed. By accessing and evaluating the adequacy and effectiveness of internal controls, internal auditors are able to identify areas of improvement and provide recommendations for remediation - helping to ensure that the organisation is meeting its strategic goals and that its assets are protected.

In addition to providing assurance, an IA function plays a critical role in providing foresight to a business by providing valuable insights and recommendations to improve processes and procedures, reduce costs, and increase efficiency. By providing foresight, the function helps stakeholders anticipate and respond to changes within a business environment, and to stay competitive and adapt to emerging risks.

As a catalyst for improvement in risk management, internal control, compliance and governance, the overall mission of IA is to enhance and protect organisational value and support operational sustainability. Through core elements of value including assurance, insight and objectivity, IA becomes an important component of proactive, forward-thinking organisations that strive for continuous process improvement and an accountable culture, while seeking to reduce organisation risk.

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The People Behind the Process

Now that we’ve touched on the vital role of an IA function– it’s time to shine a light on the very drivers behind the value-adding function within our own business! Group Internal Audit, a division of our Group Risk Assurance Services department at Al Ghurair, proactively supports our Group-wide strategy and Purpose – enabling us to operate sustainably, foster trust and maintain accountability.

Our strategically fit team of internal auditors are in alignment with a mission to protect and enhance the business – driven by what we as a business can ultimately become and achieve to our highest potential. Every day, our internal auditors work to reduce risk and ensure our business operates efficiently by providing value and protecting our stakeholders. Taking into account critical factors such as ethics, values, and the environment, our team help decision makers protect organisational assets, our reputation, and enable operational sustainability.

“Amidst a rapidly evolving risk environment, now is a time where it is not just about meeting regulatory requirements – but improving compliance and bringing value. This means acting as strategic advisors to help the business succeed. For Internal Audit at Al Ghurair, independence, integrity, and objectivity will remain at our?core – enabling the business to continuously improve and become catalysts for positive organisational and cultural change.

I’m proud of our versatile and diverse team of skilled professionals who are able to adapt quickly to the changing nature of business, and are well-positioned to continuously add value to the future of Al Ghurair as it advances on its ambitious transformation journey.” – Lisa Meeks, Head of Internal Audit, Al Ghurair Investment