Internal Audit Takes Centre Stage at MFSA Conference

The Malta Financial Services Authority (MFSA), in collaboration with the IIA Malta Chapter, hosted its Internal Audit Conference titled ‘From Oversight to Insight: Internal Audit in Financial Services.’ The event bought together senior regulators, board members, auditors, and industry practitioners to examine the evolving role of internal audit in the financial services sector. 

The conference underscored the strategic value of internal audit in strengthening governance, building regulatory trust and supporting sustainable decision-making across an increasingly complex supervisory landscape. 

Opening the event, MFSA Chief Executive Officer Kenneth Farrugia highlighted the growing reliance of supervisors on robust internal audit functions and the importance of credible, independent assurance in maintaining market confidence. 

Keynote speaker Sandro Boeri, Board Member of the European Confederation of Institutes of Internal Auditing (ECIIA), urged the profession to move beyond traditional compliance-driven models, positioning internal audit as a catalyst for organisational improvement. He emphasised the importance of foresight, independence, and value creation, encouraging auditors to engage more directly with strategy, culture and emerging risk. 

A further keynote from Banafsheh Geretzki, Director of Internal Audit at the European Central Bank (ECB) and Chairperson of the ECB Internal Audit Committee, provided a European supervisory perspective on expectations for high-quality assurance. 

A high-level panel of senior MFSA officials explored internal audit's role across banking, insurance, pensions, investment services, capital markets and fintech. Further sessions addressed the impact of artificial intelligence (AI) on audit methodologies and emerging expectations around talent and independence. 

Andrew Said, Head of Internal Audit at the MFSA, said: “As risks become more interconnected and technology driven, internal audit must continue to evolve. Investing in skills, data capabilities and constructive engagement with regulators is essential to ensure the function remains relevant and forward looking.”  

The conference forms part of the MFSA’s ongoing commitment to promoting high standards of governance, risk management and internal control across Malta's financial services sector.