Executives from companies under the leadership of businessman Manuel V. Pangilinan and under the Gokongwei Group, along with students from the National Federation of Junior Philippine Institute of Accountants and the Institute of Internal Auditors Student Chapter of Far Eastern University gathered to discuss the valuable role of Internal Audit (IA) teams in achieving business goals in a special panel to mark this year's celebration of International Internal Audit Awareness Month.
Leading the panel discussion "Navigating through Complex Business Environments" were Bernadine Siy, Audit Committee Chairperson at PLDT and Cebu Air; Chaye Cabal-Revilla, Chief Finance, Risk and Sustainability Officer of Metro Pacific Investments Corp; and Ramoncito Fernandez, President and CEO of Maynilad. Moderating the panel was FVP and Head of Group Corporate Communications at PLDT and Smart Cathy Yang.
"This activity aims to highlight the key role that auditors play in helping build a culture of ownership and accountability," said Luis S. Reñon, PLDT Group Chief Audit Executive, in his opening remarks.
Hailing them as "anti-silo squads", Siy noted that a key strength of IA teams is their unique mandate of reviewing the effectiveness of organizational processes, which requires them to work with the different departments in the organization. Their mandate instills the need to always have a wholistic view of the business and ensure that effective coordination among departments is in place - that the tasks are done and that information is accurately captured and relayed. One department's output is always another one's input, and a company's strength relies on the effective functioning of all its parts/ departments. As is often said, an organization is only as strong as its weakest link.
"Many organizations, especially large ones, may inadvertently become "siloed" because the departments are so focused on their respective deliverables that proper coordination with other departments is not given as much importance." she said. "Because they have the responsibility of working with various departments, IA teams are able to see the total business, the interconnections between departments, and can identify where the gaps are that need to be strengthened," she added.
Sharing their insights during the panel were (L-R): Bernadine Siy, Audit Committee Chairperson at PLDT and Cebu Air; Chaye Cabal-Revilla, Chief Finance, Risk and Sustainability Officer of Metro Pacific Investments Corp; and Ramoncito Fernandez, President and CEO of Maynilad, with panel moderator FVP and Head of Group Corporate Communications at PLDT and Smart Cathy Yang.
In the case of Maynilad, IA teams have likewise enabled the company's management to check for controls in priority areas, while functioning as the company's "conscience".
"IA is the conscience of the company, as they are able to see what the Management does not see, and they do so objectively and independently," Fernandez said.
For MPIC, IA is not just a critical business partner but a "Good Shepherd" or a "guardian angel."
"There are only two units in a company that get to see everything from end-to-end, and that's Finance and IA," Cabal said. "For this reason it is important to involve IA from the beginning, as another set of eyes. We shouldn't put them in when it's too late."
Other topics also touched on during the panel include Artificial Intelligence (AI) and its impact on internal processes, IA and governance; best practices in promoting cross-functional teamwork in organizations; and how IA enables customer-centric cultures in companies.
PLDT Group's support for International IA Awareness Month is aligned with the company's long-standing commitment to deliver elevated customer experience, boosted by operational excellence.
