Governance, risk and control (GRC) as an integrated framework has gained increasing attention in the public sector. A robust GRC framework requires strong commitment in ethical values and standards of integrity, inclusiveness in stakeholder engagement, achievement of sustainable outcomes, effective management of risks and performance through robust internal controls and good performance management, accountability and audit.
Internal audit (IA) provides independent and objective assessment of the GRC framework in order to provide assurance that public resources are managed responsibly and effectively and that public sector organizations achieve accountability and integrity, operate efficiently and instill confidence among their stakeholders. IA supports the public sector in their governance responsibilities of oversight, insight and foresight. Oversight focuses on whether the public entities are achieving their set objectives and measures are in place to deter or prevent corruption. Insights are provided to decision-makers when IA independently assesses public sector programs, policies, operations and results. IA helps provide foresight in identifying emerging risks, trends and challenges.
In an increasingly complex and dynamic environment, it is necessary for internal auditors to broaden their mission and equip themselves with new capabilities, knowledge, skill sets and resources to bring the public sector to a new horizon in governance, risk and internal control. IA must also keep pace with the external and internal environments, understand the strategic plans and directions and changes in the regulatory landscape.
This conference, themed "New Horizon for Public Sector: Governance, Risk , Internal Control", have brought principal thought leaders from Singapore and beyond, to share their views and expertise on governance, risk and internal control and to re-energize the delegates with new perspectives to enable them to raise the bar in GRC in their respective agencies. Close to 300 delegates from Singapore and overseas were present for the 2-day conference held on 21 - 22 April. The conference was graced by Guest of Honour, Ms. Indranee Thurai Rajah, Senior Minister of State for Law and Finance.
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