The Internal Audit Group provides independent and objective assurance to its stakeholders, in addition to consulting activities designed to add value and improve the organization’s operations. Also, it supports senior management in accomplishing CIB objectives by assessing the adequacy and effectiveness of the control system. Concurrently, it evaluates and improves the effectiveness of Enterprise Risk Management and Governance processes.
The CIB Board Audit Committee is the backbone of the Internal Audit Group, supporting and safeguarding the independence of the third line of defense, in addition to overseeing operation and risk management, according to risk-based audit methodologies.
Backed by the top-ranked expertise of our team members, all of whom hold specialization and professional certifications, the group assisted all stakeholders with issues that arose throughout the year. The training and self-development programs offered to the team are considered among the best on the market. We provide our people with knowledge of the latest internal audit, risk management, finance, regulatory, and governance functions.
To ensure their ability to fulfil their functions effectively, our team members attend various committees as observers (non-voting members) to present the Group’s insights and align our efforts with CIB’s strategic plan and objectives. This way, we also fulfill our role as a trusted advisor to all stakeholders within CIB.
2018 was characterized by a need to look beyond the present to the future of the financial industry, namely fintech products and the underlying trend of leveraging big data. A new division was introduced to accommodate the growing need to support management in directing CIB’s audit teams to enrich their scope and objectives.
The Consultancy and Special Investigation Division continued to provide CIB’s senior management with all required in-depth scrutiny of concern, while the Follow-up Division’s closure percentile reached its highest level in recent years.
As for the Quality Assurance Division, the Group broadened its scope to add another communications section to meet the regulator and external auditors’ requirements. The division conducted its standard internal quality assurance check of all audit engagements to ensure their alignment with IIA standards.
In line with our role as a market leader, CIB began complying with IIA standards in 2015, three years before this practice became mandatory in the Egyptian market. In 2018, the Internal Audit Group again succeeded in complying with IIA Standards, as we were subject to External Quality Assurance as mandated by CBE. Ernst & Young International conducted the review and found that CIB was in full compliance with all standards except one. This single standard with which we were in partial compliance leaves room for future improvement and continual advancement as the Bank strives to remain ahead of local and regional competition.
2019 Forward-Looking Strategy
The group’s strategy for the future is to continue ensuring that CIB’s stakeholders and senior management apply efficient governance practices and risk management policies in an established internal control environment. Additionally, we will continue to safeguard CIB as the Bank’s third line of defense. The group is also laying the groundwork for future developments in the digital and fintech spheres while simultaneously fortifying its cyber security management frameworks.