Our Internal Audit group leads internal audits and collaborates closely with other group departments, which include Risk Management. The internal auditing scope examines and evaluates the adequacy and effectiveness of our governance, risk management and internal controls, based on minimum internal control standards.
Their scope also includes the performance quality in carrying out assigned responsibilities to achieve our business goals and objectives. Observations and recommendations are discussed and agreed upon with local management before they share final reports with the Management Board and Audit Committee. Risk Management monitors the progress of audit findings by function, based on the auditee’s quarterly status update.
In 2020, we changed the nature of our internal audit group's function due to logistical constraints and employee safety. In this capacity, Internal Audit took a business partner approach to ensure the changed risk profile we faced as a company was adequately managed. Where possible, we also shared best practices internally, but also through our external internal audit co-sourcing partner. In addition, we conducted assessments on specific emerging risks.
We will continue to evaluate the internal audit function and adapt the ways of working to the circumstances at hand.