Managing Risk in a Digital World - The New Corporate Headache
More than 30 participants attended the AC Pit-Stop on “Managing Risk in a Digital World: The New Corporate Headache” held in collaboration with the Singapore Institute of Directors at Capital Tower on 5 March 2020.
The amended Singapore Exchange Listing Rule 719 (3) states that “An issuer must establish and maintain on an ongoing basis, an effective internal audit function that is adequately resourced and independent of the activities it audits. To shed more light, Koh Chin Beng, IIA Singapore President gave a presentation on the IIA’s 10 core principles that provide a baseline for internal audit functions to assess their effectiveness as an internal audit function. The 10 Principles are:
- Demonstrates integrity
- Demonstrates competence and due professional care
- Is objective and free from undue influence (independent)
- Aligns with the strategies, objectives, and risks of the organisation
- Is appropriately positioned and adequately resourced
- Demonstrates quality and continuous improvement
- Communicates effectively
- Provides risk-based assurance
- Is insightful, proactive, and future focused
- Promotes organisational improvement
James Fong, Regional Business Director of RSA Archer gave an overview of the strategy for managing risk and elevating both business and digital risk management as a business advantage. He also elaborated on the questions that Boards and CEOs should be asking such as, “How are we going to drive innovation and enhance governance oversight?” and “Are we managing our risk exposures and meeting all of our regulatory and compliance requirements?”. As the third line of defence, internal audit has an important role to play in ensuring that organisations are monitoring and mitigating digital risks.
