Photo - Lucy Wong Kam Yang, newly appointed President of Institute of Internal Auditors Malaysia (IIA Malaysia).
The Institute of Internal Auditors Malaysia (IIA Malaysia) has urged business functions and internal audit to collaborate more deeply to meet the growing speed and sophistication of fraud and cyber threats in the country.
During her keynote at the recent Fraud & Cyber Security Conference 2016 in Kuala Lumpur, newly-appointed president of IIAM Lucy Wong Kam Yang said: "The advent of cyber technology is an enabler for advancement and improvements, it can also bring about threats and vulnerabilities if not properly managed."
"To meet the challenges faced, Internal Auditors now need to provide Cyber Assurance," said Wong. "A Cyber Assurance programme must be comprehensive in scope and cover all aspects of cyber risks."
"Internal audit's role in ethics, governance and culture may be a challenging responsibility to the profession, yet it is also the most essential for advancing organisations and societies. Internal auditors must exercise fair and ethical judgement and to be an honest voice of reason as the conscience of the organisation," she said.
Organised by IIAM and themed 'Combatting Fraud & Cybercrime: Your Defence Strategy?' the two-day conference focused on the importance of managing cybersecurity threats and addressing fraud risks and organisational culture.
Speakers at the conference included Dato' Sri Che Khalib Mohamad Noh, group managing Director of MMC Corporation (Malaysia); Datuk Mohd Nasir Ahmad, Audit Committee chairman of CIMB Group Holdings (Malaysia); Tichaona Zororo, director of IT Advisory (South Africa); Dato' Akhbar Satar, president of Association of Certified Fraud Examiners (Malaysia); and Hoo Chuan Wei, executive security advisor of IBM Security APAC (Singapore).
"The three lines of defence, being management control at the first level, risk control and compliance oversight function at the second level and internal audit assurance at the third level, is also critical to the implementation of good governance, risk management and controls of an organisation.
The role of the Board in setting the tone, providing strategic direction and oversight also cannot be underestimated, as it has a strong influence on the values and culture of the organisation," said Wong.
"The mission of IIA Malaysia has always been to provide dynamic leadership to the internal audit profession. Through our Fraud & Cyber Security Conference, we hope to provide internal auditing practitioners in Malaysia a conducive sharing of best practices and knowledge in order to further build on the strength of the profession in Malaysia as well as bringing the profession to the next level of recognition," she said.
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