Banking

Bank of Jordan

Deliverables
Deliverables

Risk-Based Internal Audit

background
Background

After successfully Implementing AIGC’s ORM methodology and CAREweb ORM Module, Bank of Jordan wanted to enhance the efficiency of its Internal Audit function by linking it to the overall risk management framework.

scope
Scope of Work
  • Aldar International for Governance Consultancy professionals implemented CAREweb Risk-Based Internal Audit module.
  • A Risk-Based Internal Audit Methodology was implemented.
  • Formal and on the job RiBIA training were provided to the Bank’s IA team.
  • CAREweb™ standard IA report templates were customized to meet the Bank’s requirements.
outcomes
Outcome
  • The Bank successfully managed the change from a traditional internal audit to a Risk-Based internal audit approach.
  • The work of the Risk Management and Internal Audit department was integrated and synergy was created between both departments which enhanced the control environment and reduced the number and value of events (Operational incidents).

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