Winning combinations – Chartered IIA special interest networks

Diversity is valuable everywhere, but a diverse outlook and mix of experiences is perhaps particularly essential for internal audit functions. Internal auditors need to understand the whole gamut of human interactions and the various stress points that affect an organisation’s employees, managers and customers if they are to assess risks and spot opportunities. Without diversity of insights and experiences, there is a real risk that an overly homogeneous team of internal auditors could fail to identify or underestimate some risks and miss emerging opportunities in all areas of the business from staff recruitment and retention to customer relations, reputation and fraud.

The profession has moved on from the days when most internal auditors were white men with accountancy degrees, however it has perhaps not diversified as much as it could – and should – have. This is not because managers do not appreciate the value of diversity, but is more to do with lack of awareness about what may be preventing a wider variety of people entering the profession and progressing to the top once they get there.

This is why there are Chartered IIA communities to support Women in Internal Audit (WIIA), ethnic minority internal auditors (The Race and Ethnicity Community) and those new to the profession (Aspire). These offer events and other services and provide a network that people can tap into to ask advice or seek guidance. So, who should get involved?

The answer may not be as obvious as it sounds. Of course, any woman in internal audit is welcome to join the WIIA and anybody with an ethnic minority background is welcome to join the Race and Ethnicity Community – and an ethnic minority woman who is new to the profession could join all three! However, the communities are inclusive and there are many reasons why people who are not in the primary demographic may want to find out more.

For example, a chief audit executive (CAE) who is keen to bring in more women or people from ethnic minorities, has just taken on some trainee internal auditors, or who is concerned about retaining or promoting people within these demographics may also benefit from getting in touch. Equally, if you manage a team that lacks diversity, you may benefit from a frank conversation about how you could
change this.

Women in Internal Audit (WIIA)

“We are keen to reach a much broader audience, hear more stories and get more people involved at different levels,” says Bonnie Dyson, Chair of the WIIA steering committee. “The WIIA is focused on more actively engaging its members, from regular networking events to providing practical strategies for members to try in their own organisations. We also want to attract more male allies. Men still tend to occupy the positions of influence in internal audit, so they are essential if women are to progress further and should be part of the conversation. Everyone is welcome to our events.”

Given the number of women who become internal auditors, it may seem surprising that they are still a minority in leadership positions. Dyson says that few people realise that gender diversity is an ongoing issue in the profession, especially as this is a topic that has been on most corporations’ radar for some time. The WIIA’s own research showed that out of the 20 global and regional financial services and non-financial services firms surveyed, 35% of the top management team were women – but the numbers ranged from 0% to 83%.

“The number of women in senior positions in the profession is still nowhere near where it should be – and the pace of change is slow, despite the efforts of lots of organisations,” she explains. “We exist to raise the profile of women in the industry and to provide support both to women internal auditors and to employers who want to retain and promote women. We recently held a session with PwC to discuss their Women in Work Index 2023, focusing on the deliberately provocative extract from their report: ‘If progress towards gender equality continues at its historical rate, an 18-year-old woman starting work today will not see pay equality in her lifetime.’ It attracted lots of interest because it shocked people and set out a challenge. We wanted to explore more meaningfully why this is the case.”

While the event aimed to spark debate, the intention was not to criticise existing management. Instead, Dyson says the WIIA aims to create an inclusive, supportive network of people, and to provide events and sources of information on everything from skills development and effective strategies to establishing role models and mentoring schemes. “The aim is to move the dial and drive the right outcomes, quicker. Our last event, in October, focused on leadership styles and how women can be successful without conforming to a prescribed style,” she says.

The WIIA holds four to five events each year and shares news on its LinkedIn members’ group.

Race and Ethnicity Community

The Race and Ethnicity Community is the most recently established of the Chartered IIA communities – it launched with an event in June. It is jointly chaired by Roza Watson, a Chartered IIA Council director and Senior Audit Manager at Willis Towers Watson, and Cyndy Nkyi-Acheampong, Internal Audit and Risk Manager at Royal Borough of Kensington and Chelsea. They intend to run an event each
quarter in future.

“We are dedicated to creating a unique and inclusive community that offers something different, highlighting our strengths and values. We want to start conversations that people don’t normally have, because race can be seen as a sensitive issue and we don’t think it should be,”

The group’s strategy document reads: “The main aim of the Internal Audit Race and Ethnicity Network/Community is to create a safe space for those from racially and ethnically diverse backgrounds and their allies. This will create a forum for people to openly share and discuss their unique career-related challenges, barriers and experiences, as well as get support from their peers. Fundamentally, this network is about supporting, empowering, and enabling the ethnically diverse internal audit community to thrive in the profession.”

“We want to create real support for real individuals in their roles,” says Nkyi-Acheampong, “And we want people to tell us what practical support they need – for example, help on understanding and challenging unconscious bias.”

The community’s next event is entitled “We are stronger together” and takes place at 9am on 8 November. The guest speaker is René Carayol MBE, broadcaster and author of three books including SPIKE: What Are You Great At and Corporate Voodoo. Attendance is free for members and non-members and members gain one continuing professional education (CPE) point for attending.

“I was pretty confident that if I worked hard I could succeed and get to the top, but in just 30 minutes talking to René he made me realise that we can’t get to the top without someone supporting us, listening to us and opening doors,” says Watson. “This is true for everyone, but some groups of people are more likely to take this support for granted. We need to ensure it is also there for those who don’t usually get it and don’t expect it.”

“Internal audit is getting more diverse, but we’re not there yet,” adds Nkyi-Acheampong. “We aspire to have an increased number of role models and allies for people from ethnic and diverse backgrounds to inspire and support them.”

Everyone needs help to progress and it is about empowering them to do so, Nkyi-Acheampong goes on to explain. “As well as supporting those who are currently working within the field, we aim to visit schools and colleges helping students as they kickstart their career journeys. We’ll assist with interview preparation and provide guidance for those who might still be figuring out their career paths. We’ve been clear about our objectives, because we don’t want this to be just about talking.”

She stresses that the committee is still learning and they want to hear from others in the profession to find out what they need. “This community is a safe space to discuss any issues related to race and ethnicity. Managers can’t be everything, but they can learn to be approachable and to understand the issues. We can help with this, and we also want people to volunteer to do Q&A sessions.”

The steering group currently comprises 14 people, but they are looking for someone to represent those in the early stages of their career. “The ideal person will have some experience, but will be below senior management level – maybe someone with about two or three years’ experience in internal audit,” Nkyi-Acheampong says. In addition, there are plans to create a larger pool of people who are happy to contribute on a more sporadic basis.

Aspire

Not everyone ever experiences life as a woman or as a person from an ethnic minority, but every internal auditor had to start their career somewhere. It is therefore not surprising that Aspire community events and meetings regularly attract large audiences.

Jon Darling, Head of Internal Audit at the University of Birmingham, chairs the Aspire community steering committee. He started events in the Midlands in 2017 focused on early career auditors after realising that there were sectoral groups and forums and conferences that met the needs of those with more experience, but little for people new to internal audit. These were so successful that people who came to the first events soon took on roles on regional committees.

“There was so much that I wished I’d known when I started, but was too embarrassed to ask. I wanted to create somewhere where people can ask basic questions and learn,” he says.

“This is even more important now because internal auditors enter the profession from many different backgrounds.”

The community is aimed at people in the first five years of their internal audit careers. “Some who come along are apprentices in their first job, while others are older and have moved into internal audit from other roles, but they all start with limited knowledge of the profession,” Darling says.

Tickets for conferences in 2018 and 2019 sold out, showing real demand for the mix of sessions on soft skills and audit expertise. So, in 2020, during lockdowns, Aspire pivoted to offering 90-minute online seminars. Each opened with a subject-matter expert who explored the main topic (ranging from modern slavery to project management and how to structure interviews) followed by an internal auditor who provided context.

“The sessions on interviewing techniques and ethics attracted over 550 people, so these were very well attended,” Darling says. “We often find more experienced people also attend. I think it’s because they appreciate the access to non-internal audit experts who speak from practical experience.”

The group’s next online event takes place at 3pm on 16 November and is entitled “Understanding financial statements for non-financial auditors”. It’s free for members and non-members and attendees will earn 1.5 CPE points.

“Our aim is for people to leave with some nuggets of knowledge that they can use in a planning meeting, raising their profile and possibly also exposing an area that has been neglected,” Darling explains.

Aspire currently runs three events a year and the steering group is looking to develop this further. “We want to catch people new to the profession and engage them and encourage them to stay, get promoted and spread the word,” Darling says. “If we can give them a start and help them to understand and contribute from day one in the job, we all benefit.”

For more information on events and for contacts, visit the Communities section of the Chartered IIA website.

In a future issue of A&R, we will explore the Chartered IIA groups that support specific sectors – such as retail, financial services and charities, and those focusing on common challenges, such as data analytics and fraud.

This article was published in November 2023.