FNC, GPSSA organise brainstorming session on internal audit, risk management

ABU DHABI, 5th April, 2023 (WAM) — The General Pension and Social Security Authority (GPSSA) and the Federal National Council (FNC) organised a brainstorming session to exchange and showcase some of the best practices performed in the field of internal audit and risk management in both entities.

The meeting covered prominent practices and tasks carried out by both auditing offices, including the risk assessment mechanism and the preparation of records; the system used in the documentation process at the internal audit department, the mechanism for dealing with control and auditing bodies. They also discussed the mechanism for periodic follow-ups and systems, and the internal audit processes that determine the methodology of work in parallel with the federal government; guides and policies of the audit office; and definitions and requirements and the audit office’s roles as per international indicators and standards.

Attendees in the meeting from the GPSSA included Khalid Al Hammadi, Head of Internal Audit and Risk Management Office; Fuad Dadoush, Senior Risk Analyst, Internal Audit and Risk Management Office; Thoraia El Sherbini, Senior Internal Auditor, Internal Audit and Risk Management Office; Reem Al Derei, Internal Auditor, Internal Audit and Risk Management Office; Noora Mohammed, Senior Specialist Corporate Excellence and Saeed Hamad Alshaqsi, Marketing and Event Section Manager. The participant from the FNC included Sameeha Al Hosani, Head of Internal Audit Office.

It is worth noting that GPSSA’s internal audit revert to standards derived from the UAE Federal Law as well as from the Institute of Internal Auditors (IIA), whereas Risk Management methodologies are aligned with ISO 31000 2018.

Both entities agreed to organise these meetings frequently in order to exchange information, learn about each other’s best practices, study important aspects and develop processes that contribute to elevating the internal audit and risk management departments effectiveness, especially given the pivotal role they play in implementing and monitoring practices and standards.

Exchange of information brings about effective and efficient performance in entities as well as assesses potential risks, develops appropriate solutions and monitors implementation procedures that result in reducing or diminishing risk factors; all leading roles that assure business and procedural continuity, sustainability and safety.