Industrial Development Corporation (IDC) Acting Chairperson of the Audit and Risk Management Committee of the IDC Board Dr. Windu Matoka has urged Audit and Risk officers within the IDC Group to go beyond assurance and help to create value on Zambia’s growth agenda.
Delivering the keynote as Guest of Honour in a speech read on his behalf by Director Esther Muntegwa, Dr. Matoka said the theme, Beyond Assurance: Strengthening Audit, Risk and Governance, challenges the professions to offer ‘the insight, foresight and constructive advice needed for better decisions, stronger institutions, sustainable commercial performance and greater public value’, in addition to the traditional roles of Audit and Risk professionals.
Dr. Matoka indicated that growth at the scale envisaged under the Grow Zambia Agenda brings risks, from delayed capital projects and unrealistic investment assumptions to cyber exposures and weak governance. Risk professionals must help management anticipate exposures and recommend mitigation strategies, while internal audit should provide independent assurance and advice on whether governance and controls support sustainable growth.
Speaking at the same event, IDC Chief Executive Officer Mr. Cornwell Muleya said the theme is timely because the Group’s companies operate amid economic uncertainty, technological disruption, cyber security threats, evolving regulation and rising stakeholder expectations.
Mr. Muleya disclosed that compliance, internal controls and assurance remain fundamental, but Risk Management and Internal Audit must serve as strategic partners, providing insight that supports informed decisions and contributes to sustainable value creation.
IDC Chief Internal Auditor Mr. Phinias Lupaka welcomed the invited delegates from across the IDC Group and facilitators to the two-day conference, which brings the Group’s professionals together to share experiences and strengthen audit, risk and governance practice across its subsidiaries.
