Internal audit relevant to organisations’ sustainability –NMRC boss - Punch Newspapers
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23 September 2021The Managing Director and Chief Executive Officer, the Nigeria Mortgage Refinance Company, Mr Kehinde Ogundimu, has said that internal audit is relevant in building a sustainable organisational culture.He spoke during the 50th quarterly general meeting of the Association of Chief Audit Executives of Banks in Nigeria which was hosted by NMRC.
A statement on Wednesday said that while delivering the keynote address on the theme, ‘The role of internal audit in building a sustainable organisational culture’, Ogundimu said that the failure of many corporate giants like Enron and some of the liquidated local banks in Nigeria had been attributed largely to poor corporate governance, driven by poor organisational culture.
He noted that building and sustaining a good corporate culture was critical to the stability and survival of institutions and the Nigerian financial system.He said, “A distinguishing feature of leading organisations is their culture. Culture affects performance, employee engagement and the ability to create an innovative and positive work environment. headtopics.com
“Many chief executive officers believe that improving culture would improve the value of their companies, because organisational culture impacts the appetite for change, innovation and risk awareness.”Ogundimu added that there was a strong relationship between organisational culture and corporate brand.
According to him, every organisation including financial institutions valued its brand and would go to every extent to protect it.The organisational culture, he added, must be right to sustain the reputation of the brand.“Poor organisational culture heightens reputational risk exposure to the organisation and must be carefully managed,” he said.
Also speaking in his welcome address, the Chairman, ACAEBIN, Mr Yinka Tiamiyu, underscored the importance of the theme of the meeting.The statement said that he stated that it encapsulated what the internal audit function does, to what extent processes, procedures, actions and the tone at the top were in line with the values, ethics, risk appetite and policies of the organisation.
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