Win-win opportunities: the benefits of nominating for the A&R Awards
Nominations for the Audit & Risk Awards are open and every internal auditor and internal audit function should think hard about what they have done over the past year and whether they should enter. This is not just because winning an Audit & Risk Award is clearly a tremendous boost for individuals and teams, but also because of the way in which it showcases excellent internal audit performance to peers in other organisations, to senior management, to investors and to auditees.
This matters because a key part of extending the influence of internal audit – and, therefore, the effectiveness of the profession and careers of internal auditors – depends on more people understanding the value of internal audit and recognising what good internal audit looks like and what it can do for them. Furthermore, publicising achievements makes a real difference to teams and individuals and the way they are perceived.
Feedback from past winners and shortlisted nominees repeatedly shows that merely entering the awards makes a difference – even before a team is shortlisted or is chosen as a winner. Past winners have spoken about how drafting the nomination made them realise afresh just how much their team had achieved. Things they were taking for granted or recognised only at a subliminal level suddenly appeared in black and white as huge achievements when set against a tight deadline or limited resources.
Not only does this recognition enable internal audit leaders to appreciate what their function has achieved, but it also means that they can promote it better to management and the audit committee. Indeed, the requirement for nominations to include endorsements from the most senior stakeholders involves highlighting these achievements in detail. It’s the perfect excuse to blow your own trumpet and demonstrate the value you add.
The feelgood factor
Glowing endorsements from management and enthusiastic feedback from members of the team also add to the “feelgood” factor and enable internal audit leaders to celebrate these successes with the whole team.
Identifying your achievements and pulling together the evidence to submit a nomination also means that all this information is clearly laid out in one place, usually for the first time. It can therefore be shared internally and adapted for training or internal publicity purposes. The effort involved in creating the nomination is therefore justified even before the nomination is submitted.
For those who make it on to the shortlist, or who win an award, the benefits are greater and wide-ranging. They can immediately point to the fact that their performance has been judged by leaders in their profession and by their professional institute to be outstanding and inspirational. This is a great good-news story to promote within the organisation and more widely. Past winners have revealed that their success was used by management to support funding and business pitches and that key individuals have been approached to advise other teams, thereby increasing their exposure and, frequently, career options.
Motivation
All those shortlisted, highly commended or awarded receive a logo and header that they can use on correspondence and official documents. Winners have discussed how much teams value this and the way it reinforces their sense of achievement, confidence and motivation. At a time when many internal audit functions are struggling to attract and retain the talent they need, this should not be underestimated.
Attending the awards event is also a great way to reward people in shortlisted teams. It’s a enjoyable evening out and an opportunity to network and find out what others have done and how they are dealing with similar challenges. Many teams share photos on their organisation’s intranet or news pages the following day, again raising their profile with auditees and management.
Winners, of course, also receive a physical award and publicity in A&R magazine, which both shares their story with people who did not attend the event and provides further evidence of their success to peers and stakeholders. Many receive personal congratulations from people at the top of their organisations. They may also be asked to present or participate in a future Chartered IIA event.
So, if you’re thinking of entering the awards, but haven’t yet planned your entry or contacted the people you need to endorse you, don’t delay. Yes, it does take some time, but any effort involved is more than offset by the multiple – and continuing – rewards you can get from submitting a strong nomination. The awards are a rare opportunity to shout about internal audit successes. Don’t miss out.
Top tips for a strong nomination
1 Prepare your entry in good time – think hard about the best category to enter (some of these change each year, so read them carefully). Multiple entries containing the same text in different categories will be rejected.
2 Consider putting together a small working group to brainstorm ideas, gather evidence and proof-read/edit your nomination – spelling mistakes and typos don’t support a strong nomination.
3 Remember to set the scene briefly at the start of your story. It’s easy to take things for granted that the judges won’t know – for example, the size of your team and organisation and challenges particular to your sector, geographical location or business.
4 Discuss your nomination with the senior managers or audit committee members you need to provide endorsements. Explain why you are entering and what you require from them.
5 Identify the evidence you require to support your nomination and make sure it is accessible and can be extracted to use on the form – note that nominations cannot include attachments.
6 Draft your nomination and circulate to those who may be able to add to it or make suggestions before you enter it on the online nomination form. (A few organisations have problems accessing the online form – usually because of security settings in their organisation’s IT systems. If this happens, contact us for alternative ways to enter.)
7 Get in touch if you have any questions that have not been answered above or on the website.
Entries for the next A&R Awards close on 31 January 2024.
This article was published in November 2023.