18 February 2006
OVER 100 professional accountants and members of the Bahrain Chapter of the Institute of Chartered Accountants of India (BCICAI) attended a presentation titled "Corporate Governance and Integration of Internal Audit and Risk Management." The presentation was given by Nagesh Pinge, Senior General Manager and head of global audit and compliance of ICICI Bank, Mumbai.
Pinge said that the globalisation of Indian economy is offering an exciting environment for audit professionals in various organisations in India, especially those which have a global presence. He highlighted several regulatory initiatives in India on Corporate Governance, more specifically the Clause 49 of the Securities and Exchange Board of India which compares well with the Sarbanes & Oxley Act in the US.
He enumerated the risk-based audit approach adopted at his bank and how the role of the internal audit department has progressed from that of a routine, 100 per cent transaction-oriented, postmortem exercise to one where value added advice is given to the bank's business units within the bank. He highlighted the risk management tools used within the bank to achieve expected results of audits and reviews. He presented several practical examples from his long banking career during the presentation.
Talking on the risk management framework, Pinge explained the core pillars of risk management covering the Credit Risk, Market Risk, Liquidity Risk and Operations Risk and how the Internal Audit function interacts with the different business units for managing and reviewing risks relating to each of these pillars.
OVER 100 professional accountants and members of the Bahrain Chapter of the Institute of Chartered Accountants of India (BCICAI) attended a presentation titled "Corporate Governance and Integration of Internal Audit and Risk Management." The presentation was given by Nagesh Pinge, Senior General Manager and head of global audit and compliance of ICICI Bank, Mumbai.
Pinge said that the globalisation of Indian economy is offering an exciting environment for audit professionals in various organisations in India, especially those which have a global presence. He highlighted several regulatory initiatives in India on Corporate Governance, more specifically the Clause 49 of the Securities and Exchange Board of India which compares well with the Sarbanes & Oxley Act in the US.
He enumerated the risk-based audit approach adopted at his bank and how the role of the internal audit department has progressed from that of a routine, 100 per cent transaction-oriented, postmortem exercise to one where value added advice is given to the bank's business units within the bank. He highlighted the risk management tools used within the bank to achieve expected results of audits and reviews. He presented several practical examples from his long banking career during the presentation.
Talking on the risk management framework, Pinge explained the core pillars of risk management covering the Credit Risk, Market Risk, Liquidity Risk and Operations Risk and how the Internal Audit function interacts with the different business units for managing and reviewing risks relating to each of these pillars.
Mehmood Rafique Business Correspondent
© Bahrain Tribune 2006
