The Ayala Way Vol. 4 No. 123
Charting the Next 25 Years for AGIAN
Ayala Corporate Governance Head Solomon Hermosura, Chief Audit Executive Cathy Ang, and President and CEO Bong Consing with Audit Committee Chairmen Riza Mantaring of Ayala, Edgar Chua of IMI, and Vic Noel of Globe at the 3rd Chief Audit Executive Forum on November 23
Members of the Ayala Group Internal Auditors Network (AGIAN) celebrate their 25th anniversary on November 24 at The Globe Tower
The Ayala group’s lead auditors convened on November 23 for the 3rd Chief Audit Executive Forum to discuss their evolving roles amidst technology advancements, emerging risks, and changing stakeholder expectations.
Ayala Corporation Audit Committee Chairman Rizalina Mantaring gave the keynote on “Charting the Next 25 Years for Ayala Group Internal Audit,” first by discussing technology trends that impact the internal audit function such as automation, artificial intelligence, analytics, and blockchain. She also noted the rise of ESG reporting; the shift from assessment of controls to an advisory, consulting role, especially in identifying and understanding emerging risks; and the talent gap in both the availability and skill set of auditors. She described characteristics of a good auditor and underscored the support of internal auditors to the board of directors.
A panel discussion with Mantaring, Globe Board Director Cirilo “Vic” Noel, and IMI Board Director Edgar Chua highlighted several topics of interest to the Ayala group chief audit executives including the vital partnership between internal auditors and the audit committee; their role in providing value-adding insights to the organization; and the benefits of developmental assignments and immersion in the audit functions and teams.
We can only stand safe and secure if we know [Internal Audit] is strong and reliable. [...] So, if you see something wrong, you need to tell us. And one thing that I can tell you about Ayala in all the years that I’ve been associated as a member of the board is, from the owners down to the chief executives, they will always do what is right.
RIZALINA G. MANTARING
AC Lead Independent Director and Audit Committee Chairman
In response, Ayala Learning, Organizational Development, and Innovation Head Aileene Fernandez spoke about the Ayala Group Internal Auditors Leadership Program.
The forum was a prelude to the silver anniversary celebration of the Ayala Group Internal Auditors Network (AGIAN). Ayala President and CEO Cezar “Bong” Consing noted the importance of AGIAN, which was formed during the Asian Financial Crisis. “I think this 25-year-old network has helped us,” he said, adding, “Ayala is special because of our culture and a lot of that culture is defined by you.” Echoing this, Corporate Governance Head Solomon Hermosura said, “I can confirm how important internal audit has been in the good governance of Ayala. […] Audit should be remembered more for the times when there is nothing happening because the controls are in place.”
About the author
Knowledge Management (1)
AC Knowledge Management is responsible for enterprise content management, archives management, and the development of knowledge products and services in Ayala. KM produces books on corporate history and business developments and publishes the groupwide internal communications channel, The Ayala Way.