On November 6, 2026, CGS Vietnam participated in the 2026 Annual Internal Audit Conference organized by IIA Vietnam in Hanoi, with Mr. Nguyen Viet Thinh, CEO of CGS Vietnam, serving as the Moderator of the panel discussion “From Risk Identification to Value Creation – What needs to change in Internal Audit?”
The panel brought together experienced professionals from the Banking and Finance, Corporate Governance, and Risk Management sectors to discuss the evolving risk landscape and the need to enhance the role of Internal Audit in creating organizational value.
Internal Audit amid an evolving risk landscape
Under the theme “From Insight to Impact”, the 2026 Annual Internal Audit Conference, held at the Grand Plaza Hotel in Hanoi, provided a platform for business leaders, professionals, and the Internal Audit community to exchange perspectives on emerging trends, challenges, and the future direction of the profession.
One of the key issues highlighted was the increasingly dynamic and complex risk environment. According to the 2026 Risk Survey Report by IIA Vietnam, fluctuations in exchange rates, interest rates, and the cost of capital were the most frequently selected risk category in 2026 (42%). However, looking ahead to 2031, technological innovation and the risk of business model obsolescence ranked first (42%), while AI governance and implementation ranked third (35%).
This shift presents new expectations for Internal Audit: beyond assessing existing risks, internal auditors need to identify emerging risks, consider the interconnections between different risk categories, and help organizations prepare for long-term changes.
These issues were at the heart of the panel discussion “From Risk Identification to Value Creation – What needs to change in Internal Audit?”, moderated by Mr. Nguyen Viet Thinh, with the participation of:
- Mr. Dang Van Khai: Head of Internal Audit, Vietnam Technological and Commercial Joint Stock Bank (Techcombank); Head of the Supervisory Board, Techcom Securities Joint Stock Company (TCX).
- Ms. Nguyen Thi Thien Kim: Member of the IIA Vietnam Advisory Board; Former Head of the Supervisory Board of Vietnam Airlines.
- Mr. Chua Choon Hong: Principal Advisor of FinCrime Practice, APAC and Middle East, Moody’s.
From risk identification to prioritizing material risks
One of the key topics discussed during the panel was how to identify and prioritize risks across different industries and business models.
From a banking and finance perspective, Mr. Dang Van Khai discussed industry-specific risks, including credit, market, liquidity, operational, and interest rate risks. These risks do not exist in isolation but may interact with one another, affecting banks’ operations and financial positions. Therefore, identifying material risks requires consideration of their potential impacts, interdependencies, and industry-specific regulatory requirements.
From the perspective of state-owned enterprises and public companies, Ms. Nguyen Thi Thien Kim emphasized the importance of assessing risks in relation to both business performance and the responsibility to preserve and develop capital. Key risk categories include investment, financial, compliance, and Corporate Governance risks.
External developments, such as geopolitical conflicts, fuel price fluctuations, and exchange rate volatility, can also trigger cascading effects on business operations. This requires internal auditors to understand the specific characteristics of their organizations and assess risks in connection with business strategy, operations, and governance requirements.
Data and technology: Foundations for enhancing risk assessment
Beyond traditional risks, the panel also addressed emerging challenges, including artificial intelligence (AI), cybersecurity, and third-party risks.
From a third-party risk management perspective, Mr. Chua Choon Hong, representing Moody’s, discussed the role of data in developing risk profiles for customers, suppliers, and business partners. Combining internal information with external data sources can help organizations gain a more comprehensive understanding of third parties’ operations, financial capabilities, and associated risk factors.
However, data can only deliver meaningful value when supported by a clear risk assessment methodology and well-defined evaluation criteria. This highlights the importance of strengthening analytical capabilities and professional judgment alongside technology adoption.
In practice, data utilization and technology adoption in internal audit activities remain limited. According to the 2026 Risk Survey Report by IIA Vietnam, 65% of respondents reported that they had not adopted specialized technologies beyond Excel and Word in their Internal Audit activities.
This finding highlights significant opportunities for Internal Audit functions to strengthen their data management and analytics capabilities and leverage technology to improve the quality of risk assessments and provide more valuable insights to support Corporate Governance.
Moving from risk identification to value creation
Throughout the panel discussion, perspectives from different industries highlighted a common imperative: Internal Audit must evolve from a primary focus on compliance and existing controls toward a more proactive, risk-based approach aligned with the organization’s material risks and strategic objectives.
To achieve this transformation, Internal Audit functions need to strengthen engagement with the Board of Directors, executive management, and risk management functions; adopt more flexible audit planning; enhance data analytics capabilities; and deliver meaningful assessments and recommendations that support effective governance.
The value of Internal Audit extends beyond identifying issues that have already occurred. It also lies in helping organizations better understand risks, strengthen internal control systems, and improve the quality of decision-making.
Through its role in moderating the panel discussion at the 2026 Annual Internal Audit Conference, CGS Vietnam continues to engage with the professional community in promoting good practices in Corporate Governance, Risk Management, and Internal Audit, contributing to stronger governance effectiveness and sustainable value creation for Vietnamese businesses.
CGS Vietnam sincerely thanks IIA Vietnam, the panelists, and all participants for contributing to a meaningful professional forum that brought together diverse perspectives on the evolving role and future of Internal Audit.
Other moments at the event:
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About CGS Vietnam
CGS Vietnam Consulting Joint Stock Company provides specialized advisory services in Corporate Governance, Sustainability (ESG), Risk Management, and Internal Audit. Backed by a team of experienced professionals with deep expertise in international best practices, CGS Vietnam partners with businesses to strengthen corporate governance, enhance management capabilities, meet investor expectations, and achieve long-term sustainable growth.
Contact CGS Vietnam:
Hotline: (+84) 363 581 520 | Email: [email protected] | Website: https://cgsvietnam.com/
LinkedIn: https://www.linkedin.com/company/cgs-vietnam | Facebook: https://www.facebook.com/CGSVietnamCompany/