The Financial Services Authority (FSA) participated in the OQ Assurance Forum 2026, where Mohammed bin Hamdan Al Zadjali, Director General of the Market Conduct and Financial Stability Unit at the FSA, outlined the significance of strengthening governance and risk management practices, as well as the role of internal audit in enhancing institutional efficiency and business sustainability.

During a panel discussion at the forum, Al Zadjali emphasised that board members bear fiduciary duties towards their institutions, stakeholders and the public interest. He stressed the need to keep pace with ongoing changes and emerging risks, while maintaining a clear understanding of the legal and personal obligations associated with their decisions and oversight responsibilities.

He explained that in order for internal audit to be treated as trusted adviser to management and boards of directors, it requires building trust through independent and effective assurance services. This should be complemented by insights and analytical capabilities that support informed decision-making and enhance strategic foresight, enabling organisations to anticipate emerging risks and identify future opportunities.

Al Zadjali further noted that effective risk management goes beyond establishing policies, procedures and internal controls. It begins with tone of the top’s commitment to fostering a risk-aware organisational culture, showcased in daily behaviours and decision-making processes, and embedded in operational practices across all levels of the organisation.