The Malta Financial Services Authority (MFSA), in collaboration with the Institute of Internal Auditors – Malta Chapter (IIA Malta) will be hosting a dedicated conference to highlight the vital role of the internal audit profession, particularly within licensed entities.
Recognising the growing importance of sound governance and effective internal controls, the Authority has identified the need to bring together professionals and stakeholders to discuss expectations, challenges, and emerging trends in the field.
This event will provide participants with valuable insights into the regulator’s expectations of Boards, Audit Committees and internal auditors, as well as their collective contribution to maintaining sound and robust organisations.
Keynote speeches will be delivered by Banafsheh Geretzki, Chief Audit Executive and Director of Internal Audit, European Central Bank (ECB) and Chair of the European Central Bank’s Internal Auditors Committee (ECB-IAC), who will share the ECB’s supervisory perspective and expectations, and Sandra Boeri, Board Member of the European Confederation of Institutes of Internal Auditing (ECIIA) and Immediate Past President of the Chartered IIA UK & Ireland..
In addition, the conference will also address current and emerging topics in the internal audit profession, including the impact of technology and artificial intelligence, the interplay between the Board, Audit Committee, and management, and the relationship between internal and external auditors.
These discussions will provide participants with fresh perspectives on strengthening governance, enhancing collaboration, and ensuring the continued relevance of the internal audit function in an evolving environment.
Interview with Andrew Said, Head of Internal Audit at the MFSA
The MFSA Internal Audit Conference will be held on 12 February. As Head of Internal Audit at the MFSA, what can you tell us about the conference?
The conference is being organised in collaboration with the Institute of Internal Auditors Malta Chapter. The MFSA embarked on this initiative last year to promote the role of internal audit within organisations, particularly within the financial services sector. Together with IIA Malta, we seek to elevate the standing and effectiveness of internal auditors in strengthening governance, reinforcing the third line of defence, and supporting organisational resilience.
Importantly, the conference aims to reposition internal audit not as a traditional policing function, but as a trusted and value-adding partner to the organisation.
If you could only mention one point, what’s the most important role of an internal auditor within an organisation?
Internal audit plays several critical roles, but at its core, it provides independent assurance on how activities are being conducted and whether internal controls are operating effectively. Where necessary, internal audit also offers practical recommendations to help organisations improve processes, strengthen controls, and manage risk more effectively.
As you said, it’s not about policing but being more proactive.
Exactly. Traditionally, internal audit has often been perceived as a policing function because it examines how work is carried out. In reality, it draws on a deep understanding of governance and risk to identify weaknesses early, enabling both individuals and organisations to operate more effectively and reduce exposure to risk.
From your experience, what is the most common shortcoming you observe within organisations?
A recurring challenge is the effective identification and prioritisation of risk. Internal audit functions typically undertake periodic risk assessments to determine where the most significant risks lie and how best to deploy limited resources. This may include areas such as cybersecurity, governance, and third-party risk management.
So, it is not always about financial accounts. You also mentioned cybersecurity and governance.
That is precisely what we are trying to convey about the breadth of the internal audit role. Internal auditors assess controls across a wide range of areas, including technology, human resources, financial management, third-party management, and various other processes across the organisation. The role continues to evolve in response to new regulations and emerging trends, particularly the increasing use of artificial intelligence.
This will be a full-day conference. Can you talk about some of the key speakers?
We are very pleased to welcome Banafsheh Geretzki from the ECB who will deliver a keynote address outlining the ECB’s supervisory perspective. We will also be joined by Sandra Boeri, a Board Member of the ECIIA and Immediate Past President of the Chartered IIA UK & Ireland.
The conference will also feature contributions from MFSA Chief Executive Officer Kenneth Farrugia and Professor Christopher Buttigieg, Chief Officer Supervision at the MFSA, together with IIA Malta Chapter Committee members and senior representatives from leading banks and professional services firms. By bringing together such a distinguished group of speakers, we aim to promote highlight the strategic value of internal audit across the financial services sector.
Finally, if the conference could only achieve one thing, what would you wish that to be?
Our main objective is to strengthen and promote the internal audit community and the profession in its entirety. Through this conference, we want internal auditors to be recognised as essential partners and trusted advisers who support organisations in achieving their objectives and managing risk effectively.
Registration is required to participate in the conference. You can register here .
