Unveiling Insights, Navigating Risks: IIA Singapore's Survey on AI
IIA Singapore unveiled the results of its artificial intelligence (AI) in risk management, governance, and internal audit survey on 21 March 2025 at NTUC Centre. The findings provided insights into AI adoption trends, governance challenges, and assurance needs, underscoring the increasing role of AI in organisational decision-making.
The event commenced with a welcome address by Richard Dyason, Executive Director of IIA Singapore, who reflected on AI’s transformative impact on governance and assurance. He underscored the urgency for organisations to develop robust AI governance frameworks, stressing that while AI presents immense opportunities, it also introduces risks that must be proactively managed. He highlighted accountability, transparency, and ethical considerations as critical pillars in AI adoption - key themes that shaped the discussions that followed.
This was followed by the survey findings presented by Uantchern Loh, Chairman, Asia Pacific, Black Sun Global, who highlighted the growing gap between AI adoption and governance maturity. Edwin Hooi, Director and Head of Governance, Risk, AI Governance at Nexia Singapore PAC, further explored the complexities of AI governance in his presentation on accountability, regulatory requirements, and ethical considerations. His insights set the stage for a panel discussion moderated by Uantchern Loh. The panel featured industry leaders Cherrie Ong (Executive Director, Group Audit, UOB and Governor of IIA Singapore), Paul Tan (Chairman, Nexia Singapore), Tony Tay (Founder and CEO, AgileAlgo), and Yap Zi Wei (Director of Investor & ESG Communications, Black Sun Global). The discussion delved into how internal auditors and governance professionals can keep pace with AI advancements while ensuring transparency and accountability in AI-driven decisions.
With an engaged audience posing thought-provoking questions, the discussion reinforced the urgency for risk and governance professionals to navigate AI’s evolving landscape effectively. The session concluded with a key takeaway: AI is an integral part of modern governance, and organisations must enhance their oversight capabilities to address emerging risks and opportunities.
The event was sponsored by Nexia Singapore and supported by 11 organisations – Accountant-General's Department, AICPA & CIMA Asia, Black Sun Global, CFA Society Singapore, Chartered Accountants Australia and New Zealand, ICAEW, ISACA Singapore Chapter, Risk and Insurance Management Association of Singapore, Shared Services for Charities Ltd, Securities Investors00B Association (Singapore), and Singapore Institute of Directors.
The survey results can be accessed here.
