Unlock opportunities: why you should enter the Audit & Risk Awards
Nominations for the Audit & Risk Awards are open and every internal auditor and internal audit function should think about entering – not just because winning an award is clearly a tremendous boost for individuals and teams, but also because it showcases excellent internal audit performance to peers in other organisations, to senior management, to investors and to auditees.
Reputation and recognition
A key part of extending the influence of internal audit 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. This boosts the effectiveness of the whole profession and the careers of internal auditors. Publicising achievements also boosts the morale of teams and individuals and the way they are perceived.
Past winners and shortlisted nominees repeatedly say that merely entering the awards makes a difference – before a team is shortlisted or is chosen as a winner. Past winners have said drafting the nomination made them realise how much their team had achieved. Things they took for granted suddenly shone as huge achievements when set against a tight deadline or limited resources.
This recognition also enables internal audit leaders to promote their function better to management and the audit committee. 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.
Morale
Glowing endorsements from management and enthusiastic feedback from members of the team add to the “feelgood” factor and enable internal audit leaders to celebrate these successes with the whole team.
Identifying your achievements and pulling together evidence for a nomination also means that all this information is laid out in one document, which can be shared internally and adapted for training or internal publicity. The effort involved is therefore justified even before the nomination is submitted.
For the winners and those who are shortlisted, the benefits are even greater. Their performance has been judged by leaders in their profession and by their professional institute to be outstanding and inspirational. This can be promoted within the organisation and more widely.
Past winners have seen management use their success to support funding and business pitches. Some key individuals in the nomination have been asked to advise other teams, thereby increasing their exposure and, frequently, career options.
Contacts and solutions
Being shortlisted, highly commended, or winning the Audit & Risk Awards comes with the added benefit of receiving a logo and header for use in correspondence. Past winners have shared how much their teams value this recognition, as it reinforces their sense of achievement, boosts confidence, and enhances motivation. Additionally, this accolade can help internal audit functions attract and retain the talent they need.
Attending the awards event is not only a great way to reward people in shortlisted teams, but also an opportunity to get to know other teams, hear their stories and share ideas. These contacts are valuable and may be used to increase collaboration and find solutions to common challenges.
Many teams share photos of the event on their organisation’s intranet or news pages the following day, again raising their profile with auditees and management.
Winners receive a physical award and publicity via the Chartered IIA. This 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 and from former colleagues in other organisations.
So start planning your entry or contact the people you need to endorse you. The effort will be more than offset by the multiple – and continuing – rewards you can get from a strong nomination. The awards are a rare opportunity to shout about internal audit successes. Don’t miss out.
Nominations for the Audit & Risk Awards close on 28 February.