This study aims to explore from an ingenuity perspective, the extent and challenges of a collaborative effort (rather than compete) experienced by internal audit function (IAF) and risk management function (RMF) in the organization and their professional bodies, in order to sustain and survive in a dynamic and changing business environment. Adopting a qualitative method that using thematic and descriptive analysis, the study presented the findings of the collaborative effort between IAF and RMF, involving two companies listed on the London Stock Exchange (LSE). For the professional bodies, it incorporates interviews with senior executives from the Charted Institute of Internal Auditors (the CIIA) United Kingdom and Ireland, and the Institute of Risk Management (the IRM) United Kingdom. The key results of the study reveal that through collaboration, both functions and their professional bodies are able to mitigate the competition between them. Even though there are some flaws, this ingenious collaboration can assist them to leverage one another’s resources and competence, more effective and efficient decision-making, improve an organization’s overall RM capability and value, and strengthen their respective separate roles at the societal and organizational level.
Keywords: Internal Audit; Ingenuity; Risk Management; Sustainability and Collaboration.
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