Engaging Stakeholders - Elevating the Impact of Internal Audit
On 23 January 2025, over 200 attendees from both Singapore and the region participated in a webinar, “Engaging Stakeholders - Elevating the Impact of Internal Audit” led by Uantchern Loh, Chairman (Asia Pacific), Black Sun Global, focusing on transforming internal audit from a compliance-driven function to a strategic partner. In today’s fast-paced business landscape, internal audit must evolve to meet the growing demands for collaboration and value-added insights. This session delved into effective strategies for identifying stakeholders, building trust, and fostering partnerships to create greater organisational impact.
Key takeaways included:
- Identifying Key Stakeholders: Understanding the perspectives and priorities of those who influence decision-making is essential for aligning internal audit’s objectives with broader business goals.
- Building Trust and Rapport: Establishing open communication channels helps strengthen relationships and ensures that internal audit is seen as a valuable partner.
- Providing Value-Added Insights: Tailoring communication to address stakeholders' unique needs enhances the relevancy and impact of internal audit’s recommendations.
- Collaborating on Risk Management: Moving from a traditional oversight role to one of active partnership encourages shared responsibility for mitigating risks and fostering organisational resilience.
A notable highlight of the webinar was the interactive question storming activity, where participants generated over 130 questions on how internal audit can better engage stakeholders, contribute to risk management, and drive success. This exercise emphasised the importance of asking the right questions to uncover new opportunities and address challenges effectively.
As we continue to develop the role of internal audit, let’s work together to elevate its position as a key enabler for organisational success.
