An independent and objective function that provides assurance and consulting services to its stakeholders, CIB’s Internal Audit Group (IAG) evaluates the effectiveness of governance, enterprise risk management, and controls, in a systematic and disciplined manner.
CIB’s Board Audit Committee oversees IAG and approves its charters and risk-based plans. The committee gives the division full and unrestricted access to any of the Bank’s records, documentation, systems, properties, and personnel.
IAG complies with the International Professional Practice Framework (IPPF) of the Institute of Internal Auditors (IIA) and its Code of Ethics. This falls in line with results derived from a regular, external quality assessment, which takes place as a part of the quality assurance and improvement program that IAG maintains. The assessment covers all aspects of IAG’s mandate and allows it to increase the efficiency and effectiveness of the division’s activities while identifying opportunities for improvement.
IAG’s activities are backed by a team of highly qualified, professional calibers that are continuously undergoing professional development, awareness, and training.
IAG continued to focus on the Bank’s digital transformation and the effectiveness of controls in this regard while utilizing the Bank’s big data capabilities. In addition, the Bank’s credit and lending function came into greater focus this year to ensure the adequacy of provisions and quality of the portfolio.
2022 Forward-Looking Strategy
IAG will continue to monitor ever-shifting market dynamics to meet its mandates and strategic alignment with CIB’s objectives. The division’s strategy is fundamental to remaining relevant, playing an important role in achieving a balance between cost and value, while making meaningful contributions to the organization’s overall governance, risk management, and internal controls.