OMINVEST holds internal audit forum for group companies

Muscat, June 12, 2022: OMINVEST Group recently held its Internal Audit Forum, as part of its participation in the “Internal Audit Awareness Month” and to provide an opportunity for the internal audit teams in the group to better understand business risks and help develop their skillset to perform more effectively as trusted advisors of the organisation.

The forum, held during the Internal Audit Awareness Month, was attended by Audit Committee Chairmen, CEOs and audit team members at OMINVEST and its Group companies including Ubhar Capital, National Life & General Insurance Company, National Finance Company, Oman Arab Bank, Alizz Bank, and Takaful.

The forum’s discussion focused on further enhancing the role of internal audit within organisations as agents of change. The forum provided internal auditors with the opportunity to interact with key stakeholders across the group and to participate in roundtable discussions with executive management.

The engagement sessions helped senior management teams to be more acquainted with how risk assessment is conducted and enabled internal auditors to better understand business environment and decision-making approaches. The forum also focused on OMINVEST’s Environmental, Social and Governance (ESG) initiatives in relation to internal audit, and on how its core values of collaboration, excellence and integrity are instrumental in driving overall success.

In his keynote speech at the forum, AbdulAziz Al Balushi, Group CEO at OMINVEST said, “To cope with shifting business dynamics, internal audit teams need to take more proactive action-oriented approaches towards all kinds of risks facing the organisation. This calls for continuous vigilance, creative thinking, and acquiring new skills to remain relevant to the business. Understanding the business is a key factor for the Internal audit team to contribute to the business, be an agent of change and provide meaningful challenge to management”.

He added, “It is very reassuring to see the enthusiasm and commitment from our Group companies to continuously develop the Internal Audit role to achieve effective outcomes. I would like to express my sincere appreciation of our internal auditors for carrying out their duties professionally and diligently and I hope this forum will bring the auditors and business executives together in a constructive and fruitful dialogue

Commenting on the significance of the Internal Audit Forum, Muneer Al Mughairy, Chief Audit Officer at OMINVEST, said, “OMINVEST organised this event with the aim of spreading awareness of the internal audit profession. In doing so, the forum attempted to align the internal audit role with business expectations and allowed businesses to understand and appreciate the internal audit mandate and operating environment.

Al Mughairy added, “We hope that the outcome of the forum helps business leaders, executives and internal audit teams to effectively collaborate in achieving business objectives. It was an opportunity to also share feedback with internal audit professionals on how to perform their role as trusted advisors and add value and advocate for positive change with foresight that business leaders can benefit from in their decision making.