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.

 

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 Audit Committee and to the Chairman of the Board.

 

Staff of the GIA, 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 subjects, 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.

 

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:

 

- Assess the adequacy, sufficiency and effectiveness of the Bank’s Internal Control Systems.

- Review the effectiveness of the measures adopted by the Bank for the Assessment, Management and Reduction of all types of Risks.

- Review proper compliance with the Bank’s Operational Policies and Procedures and Regulatory Requirements.

 

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 Group Internal Audit 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" methodology.

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