The Move from external to internal audit

I always receive e-mails from my linkedIn group(Internal Audit consultants) members asking for career advise .The last e-mail I received, a couple of days ago, was from a young member and it read as follows:

"I need your guidance at this stage as I started my career in external audit,and now I shifted to internal audit."

My response to him was as follows:

In my opinion, and based on my long experience in both external and internal audit ,the most important skill needed to be successful is people management skills. As you shift from external to internal audit, I hope you will benefit from your consulting mind set and treat your auditees as clients . I follow these 3 P’s:

Patience

Professionalism

Persistence

In fact ,recently I have added a fourth p : personalization .Each auditee is different and needs a personalized approach to deal with him/her.

What do you think of my response?

Reputational Risk: A Myth or a Fact?

I have just finished attending PRMIA‘s webinar relating to reputational risk and conflict of interests in banks and finance. This has reminded me of the debate on whether there is such thing as reputational risk? There are those who believe that it exists and can be identified and measured and others that believe that there is no such thing as reputational risk, but risks to reputation.

I will be writing a detailed article to simplify and explain the two schools of thoughts soon.