Bank Nizwa has achieved another milestone with its Internal Audit Group getting a rating of 'Generally Conforms' in an External Quality Assessment, which evaluates conformance of a bank’s internal audit activities to the norms of the Central Bank of Oman, Capital Market Authority and The Institute of Internal Auditors (IIA). 

 

The rating implies that the relevant structures, policies and procedures of the department, as well as the processes by which they are applied, comply with the requirements of the Standards of Institute of Internal Auditors and Code of Ethics in all material respects.

 

The objectives of the quality assessment were also aimed at evaluating the effectiveness in carrying out its mission as set forth in its Charter, the expectations of Bank Nizwa’s Board Audit Committee and identify opportunities to enhance management and work process, a statement from the bank said.

 

Audit Committee Chairman Sayyid Amjad Mohammed Ahmed Al Busaidi said: “Bank Nizwa is committed to the highest degree of corporate governance and enhancement of controls as it continues to provide value added services to its ever growing customer base. The results are a testimony to the effective risk based internal audit services being administered at Bank Nizwa especially during these challenging and unprecedented times.”

 

As a full-fledged Islamic bank in the Sultanate, Bank Nizwa is a leader in the sector’s growth through adopting modern practices in its working methodology. 

 

General Manager & Chief Audit Executive Nasser Said Mohammed Al Lamki stated: “The Internal Audit function provides independent assurance and reports its findings to all relevant management and governance bodies, accountable line managers, relevant oversight function and committee(s) of the Board. 

 

"This achievement would not have been possible without unstinted support from our Board of Directors, Audit Committee, CEO and management and last but not the least, the hard work and dedication of the Internal Audit team. As the bank grows, we shall further explore enhancements to our audit methodologies and approach using Artificial Intelligence (AI) and robotics.”

 

Winning over 30 local, regional and international awards in just over eight years of operation, Bank Nizwa is one of Oman’s top Islamic financial institutions.-TradeArabia News Service