Bahrain Internal Auditors Association hosts annual Ghabga

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

The Bahrain Internal Auditors Association (BIAA) recently held their annual Ghabga, bringing together professionals from diverse industries and sectors in Bahrain and the broader region to share insights and experiences.

This year’s gathering focused on the evolving role of IA professionals, with a specific emphasis on ESG, Cyber Security, and other critical areas that enhance trust in the marketplace.

Additionally, the event highlighted the top Global Risks areas detailed in KPMG’s 2023 Internal Audit report.

During the session, IA professionals in Bahrain identified their Top 10 risks within the national and regional marketplace, including Cybersecurity & Data Privacy, Fraud Risks, Business Continuity & Crisis Response, ESG-related risks, Anti-money laundering, Geopolitical Risks, Reputational and Corporate image, Third-party and Supply Chain risks, Credit Risk, and Liquidity risks.

According to Ali Sharif, President of the BIAA, optimizing Internal Audit as a strategic business partner is crucial for businesses to undergo both operational and strategic transformations.

Meanwhile, Ramesh Gajula, Director of Risk Consulting at KPMG in Bahrain, emphasized the importance of IA professionals having a robust Risk Register and strategically reviewing key operational areas aligned with emerging and current risks.

He further explained that IA professionals must be aware of critical areas such as tech-based risks, ESG, geopolitical risks, and regulatory risks due to the rapidly evolving risk landscape.

The BIAA hosted the event in collaboration with KPMG in Bahrain.