Bank auditors urged to embrace change to keep up with evolving landscape

KUALA LUMPUR, Malaysia, March 8, 2024 /PRNewswire/ -- As financial institutions worldwide are being disrupted on multiple fronts in an era marked by climate action and digitalisation, greater expectations are placed on internal auditors in the banking sector to stay ahead of the curve by upskilling and leveraging technological advancements to meet the changing industry and regulatory demands.

The inaugural Bank Audit Conference 2024 (BAC 2024) themed "Future of Internal Audit — Embracing Change, Staying Relevant" held on 6–7 March 2024 in Kuala Lumpur was jointly organised by the Asian Institute of Chartered Bankers (AICB) and its Chief Internal Auditors Networking Group (CIANG) and officiated by Datuk Wan Suraya Wan Mohd Radzi, Auditor-General of Malaysia, who delivered the keynote address. The conference provided a platform for local and international internal audit professionals and experts to gather and discuss the megatrends shaping the new audit and risk management landscape, regulatory developments, and how to further elevate the standards of internal audit practices in financial institutions in Malaysia.

Tan Sri Azman Hashim, FCB, Chairman, Asian Institute of Chartered Bankers shared, "In times of change, internal auditors continue to play a critical role in ensuring 'checks and balances' for sound corporate governance within banking institutions. The internal auditor of the future must be able to adapt to the sustainable and digital transformation landscape and be prepared to lead in a tech-centric audit landscape. AICB recognises the importance of supporting internal auditors in developing their skills and knowledge to perform their roles efficiently and effectively. Therefore, the continuous professional development of our members is of paramount importance to us. Since introducing AICB's audit certification in 1998, over 1,700 internal bank auditors have been successfully certified to further uphold the highest standards of professional conduct and competence in the Malaysian banking industry."

Mr Shamsul Bahrom, CB, Chairman of AICB's Chief Internal Auditors Networking Group (CIANG) said, "As an internal auditor, I wish to emphasise that we must remain front and centre of the integrity of our institutions and be proactive to effectively prepare for the future. The AICB–CIANG is a strong network that brings together bank auditors to discuss current and critical issues that are commonly faced and impacting our profession. The inaugural Bank Audit Conference 2024, which positions the profession at the forefront of the evolving business environment, has exceeded our expectations. This further reinforces the need for greater sharing of knowledge and best practices across the profession to further assist internal audit professionals in their development of systematic approaches and solutions to evaluate and improve the effectiveness of reporting, risk management, fraud detection, internal controls and governance processes in their respective institutions. These efforts will promote stronger compliance within our institutions, meet the highest of international standards, and contribute to the stability of the financial system and the broader economy."