Governance
07 Group Internal Audit

Bankmed Group Internal Audit Division (GIA) assists the Bank in accomplishing its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. The GIA operates in accordance with an approved Internal Audit Charter which clearly specifies the reporting level, mission and scope of work of the Internal Audit.

 

Specifically, GIA applies a systematic and disciplined approach to its assessments to provide reasonable assurance that:

  • Risks are appropriately identified and managed.
  • Governance issues impacting the Bank Group are recognized and addressed appropriately.
  • Significant financial, managerial, and operating information is accurate, reliable, and timely.
  • Bank’s policies and procedures are complied with.
  • Resources are acquired economically and used efficiently.
  • Bank assets (physical and intellectual), records and data are safeguarded.

 

While the IA coverage at the Bank is guided primarily by the regulations of the Central Bank and the Banking Control Commission of Lebanon, yet this coverage continuously exceeds such requirements and rigorously complies with International Auditing Standards as well as standards of other related supervisory authorities.

 

The GIA uses a “risk-based” audit approach, a methodology that links internal auditing coverage to the Bank’s overall risk management framework. Such a methodology relies heavily on the efficient and effective use of technology in the conduct of its business.

 

The GIA maintains sufficient and adequate audit coverage and techniques while maintaining a cost effective approach through developing the GIA electronic audit methodology, namely the "continuous auditing". Such methodology proved effective and efficient during the pandemic lockdown. It also provided management with continuous assurance regarding special control measures.

 

The GIA, independent of the Bank’s Management, is managed by the Head of the Group Internal Audit Division who, in turn, reports to the Group Board Audit Committee and to the Chairman of the Board.

 

The GIA staff, under the supervision of the Head of the Group Internal Audit Division, have unrestricted access to all functions, records, property, and personnel; in order to allocate resources, set frequencies, select audit domains, determine scopes of work, and apply the techniques required to accomplish the audit objectives.

 

Collectively, the GIA has extensive experience and know-how pertaining to auditing tools and techniques and is composed of dynamic, flexible, and experienced audit Staff. Currently, several GIA managers and staff members hold professional auditing certificates such as CIA, CISA, CPA, CRMA and CRISC Certifications.

 

 

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