GRC Egypt
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40+
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GRC Summit Egypt 2024
 Uniting
The timeless wisdom of Egypt’s Pharaohs with
the pioneering spirit of our ancestors, Egypt’s
legacy of digital governance endures. At the
GRC Summit Egypt, we honor this profound
heritage, blending ancient wisdom with
modern technology to pave the way towards
sustainability.

Together
We exchange insights and perspectives,
navigating the complexities of contemporary
governance, driving progress in the digital era
for a resilient future.

Press to Watch

Photo by AI tool
“ DRIVING
Digital Governance
Excellence: Innovating
GRC Strategies for a
Resilient Future ”
 Group Photo
GRC Summit Egypt 2024 GRC Summit Egypt is an annual tradition that
brings together leaders, experts, and academics to
delve into innovative approaches to digital governance. With a focus on empowering leaders with
knowledge and tools, the summit aims to build resilient and effective digital governance capable of
meeting future challenges. It serves as a platform to explore the latest technological advancements
and their impact on governance structures in the MENA region. Through a variety of activities and
objectives, the summit offers professionals in GRC, Audit, Cybersecurity, ESG and Arbitration fields
opportunities to enhance their knowledge, skills, and network. By learning from experts and peers,
discovering new solutions, and engaging in professional development, attendees gain valuable
insights and strategies to better manage their organizations. The GRC Summit Egypt serves as a
catalyst for growth and progress in the ever-evolving landscape of digital governance.’

G
R
n
o
is r G n is
a i R o a
2024’sof Theme
the GRC Summit Egypt 2024
C f y n C f y
S a e g S a e
u t a i u t a The GRC Summit Egypt 2024 , representing our desire to
m r r r draws inspiration from the rich explore uncharted territories
m a a l
i d d y legacy of Ancient Egyptian and navigate the ever-
t i i e civilization, infusing elements evolving digital landscape.
E t t d
g i i
that symbolize our commitment
i
y o o t to education and growth. The art direction of the
p n n i summit masterfully merges
t r r o
is i i Just as the ancient Egyptians the past and present, fusing
G
a n n R utilized reeds to create paper, ancient wisdom with modern
y g g C we aim to cultivate knowledge innovation, as we collectively
e i i S
a n n u and learning in this edition. strive to shape a better future
r g g m in the digital age.
l t t m
y o o i
Embracing the symbolism of
e g t d e g t the Egyptian palm, we stand
d e E i d e E tall, reaching for the pinnacle
i t g t i t g
t h y i t h of the digital age. GRC Summit Egypt 2024
y
i e p o i e p
o r t n o r t The choice of the sea as the
venue for this edition reflects Press to Watch
the green city Sharm El Sheikh
 Egypt learns from its ancestors
& progresses. for forging
a new digital civilization built upon the
foundations of the past and present,
aiming for a better future.

The story begins thousands of years ago, when ancient

Egyptians challenged the world and achieved greatness,
paving the way for future generations. the Pharaohs of Egypt
cared for the affairs of the country and advanced its progress,
they established a system of ministers and advisors to enact
laws and make decisions. This solidified the cornerstone on
which governance was built in its new form.

Throughout history, Egypt has witnessed the reign of kings and

queens who laid the foundation for progress and leadership.
Photo by AI tool

Queen Hatshepsut, one of Egypt's earliest female leaders,

introduced the idea of commitment and compliance. when the
greatest ships set sail from its shores for investment, teaching the
world the concept of Compliance.

The great King Ramses II, established the first organized army,
introducing the concept of defense and protection against
risks. As every era has its own risks, the concept of protection
became a crucial principle to prioritize. Thus, in the modern
digital age, cybersecurity has emerged as a formidable force
safeguarding against electronic attacks.

The story is not new to Egypt. Egypt learns from its ancestors
and progresses. Such as the ancient Egyptians who established
a system of Audit and risk management to ensure the quality
and longevity of temples and other structures that continue to
stand to this day. This achievement embodies the principle of
sustainability, which propelled the world into the digital age.

And now, we merge civilization with the modern era, forging a

new digital civilization built upon the foundations of the past
and present, aiming for a better future.

Today, From the Heart of Africa, Egypt in the green city, Sharm
Press to Watch / EN El Sheikh, experts and leaders gather in one place to exchange
visions and ideas, exploring the latest in digital governance.
Institutions strive to evolve and compete at the highest level in
Press to Watch / AR the digital age.
 Ihab Soliman’s Words
Egypt has been a leader in Africa in
this regard through it’s Sustainable
Development Strategy “Egypt 2030”
adversities. and necessitating robust
The global risks examined at cybersecurity measures.
the GRC Summit Egypt 2024 Artificial intelligence plays
revolve around three key axes: a pivotal role in monitoring
and mitigating these threats,
Risks Impacting Sustainability: bolstering decision-making
Climate change, stemming from processes and proactive risk
industrialization and carbon management.
emissions, poses significant
threats to continuity and The significance of
sustainability. The scarcity of cybersecurity governance
In the beginning, I would like essential resources underscores cannot be overstated,
to extend a warm welcome the urgency emphasized enabling institutions to
to you all, esteemed GRC in global conferences like effectively navigate security
Community. As we gather in the Climate Conference in risks, align cybersecurity
this forum, we engage in a Sharm El Sheikh 2022 and the initiatives with business
discourse aimed at sharing Dubai Climate Conference objectives, and comply with
insights and expertise amidst 2023. Egypt’s Sustainable regulatory mandates.
the intricate challenges and Development Strategy “Egypt
risks defining our contemporary 2030” exemplifies leadership in In conclusion, aligning our risk
world. Africa, striving for sustainable appetite with imperatives for
advancement through sustainability and business
The landscape of risk is environmental integration continuity is paramount.
dynamic, marked by swift and responsible consumption Investments in renewable
changes and a multitude of patterns. energy, resource diversification,
variables. Legislative directives and international
undergo continuous refinement Geopolitical Changes: collaboration are imperative.
at both local and global International conflicts and Professionals in compliance,
levels, resulting in heightened ensuing resource scarcities risk management, and auditing
compliance requirements, present challenges to supply must adopt proactive roles,
disclosure protocols, and chains, necessitating a focus embracing changes, events,
governance standards. on business continuity and and continuous learning
These developments pose alternative risk management to mitigate risks and foster
multifaceted challenges strategies. resilience.
across various sectors within
organizations, encompassing Digitalization and As custodians of risk reduction,
compliance, governance, risk Cybersecurity: The digital age let us heed the call to action,
management, and internal has ushered in unprecedented recognizing that our actions
audit functions. technological advancements, today profoundly influence the
expanding the online presence future for generations to come.
In response, numerous of companies and institutions. Through collaboration and
institutions have embarked However, this proliferation has knowledge sharing, we chart a
on transformative endeavors, also led to an upsurge in course through the intricacies
recognizing the opportunities cyber threats and cybercrimes, of risk, forging pathways to a
for growth and resilience amid incurring significant costs more resilient future.
Cybersecurity
Risks
can have a significant impact on an organization’s bottom line. That’s
why Cyber Risk Qualification is so important. It helps you understand
how these risks can turn into monetary value.

If you’re just starting out, my advice is to start small. You need to

have a risk matrix and data in place to turn Cyber Risk Qualification
into valuable quantification.

Remember, even small steps can make a big difference in

protecting your organization from cyber threats.

Wessam Maher

Unlocking
Board Excellence
Elevating Risk
Governance and
Enterprise Risk
Assurance.
Dr. Ahmed Abdel-Hafez, Rania ElRouby,
Wessam Maher, Mohamed Sadat,
Salma Hafez

frameworks, policies, and

Egypt’s
legislation protect critical
infrastructure while ensuring
data privacy. Collaborations
National Efforts in with international partners,
capacity building, and
Cybersecurity awareness campaigns
Egyptian State Efforts in contribute to a globally
Cybersecurity showcases resilient cybersecurity
Egypt’s proactive stance community. This dedication
against cyber threats. underscores Egypt’s
Through organizations like commitment to safeguarding
EG|CERT, OIC-CERT, and citizens, organizations, and
FIRST, Egypt fortifies its critical assets in the digital
cybersecurity capabilities and age.
incident response. National
Aly Seoud
 Traditional Banks
VS Fintechs
VS Neo Banks
Transformation concepts include digitization, digitalization, and digital transformation. The
roadmap involves defining processes, understanding risks, selecting frameworks, determining
strategy, defining cyber controls, and developing a roadmap. Digital banks offer innovation,
stability, and convenience but face challenges like resistance to change and scalability.
Mitigation includes robust risk management and data-driven decision-making by the
internal audit function.
Ahmed El Noby, Ayman Zaki

The Role culture within organizations.

Developing a sustainable
of the Board in driving innovation culture
requires setting strategic
Innovation in digital era goals and aligning
The global landscape performance measurement
is marked by uncertainty with innovation. Boards play
and rapid technological a crucial role in supporting
advancements, driving innovation by guiding around
the adoption of emerging obstacles. Innovation culture
technologies. Innovation and can be developed and
entrepreneurship are vital for learned, with board members
economic growth. and we playing a key role.
suould focus on practical
steps for fostering innovation
Nada Awad Rizkallah

Audit
Automation Challenges
Audit digitalization and automation involve transitioning to
electronic processes and using technology to automate tasks
in auditing. Benefits include cost savings, efficiency, and risk
management. Challenges include technological infrastructure
and ethical considerations. Strategies to overcome challenges
include enhancing technical capabilities, data governance,
training, and ethical guidelines. Implementing these strategies
optimizes audit processes in the digital age.

Amr El Labboudy
Compliance
Risk Management

Compliance Risk Management

(CRM) is vital for modern
organizations due to increased
regulations, globalization, and
technological advancements.
Benefits include reduced risks,
enhanced reputation, and
improved efficiency. Challenges
include regulatory complexity,
resource constraints, and
cybersecurity threats. Solutions
involve continuous learning,
technology, and global
collaboration to ensure safety
and transparency.

Maged Roshdy

AI
in Auditing Applications
Explore how artificial intelligence
(AI) is transforming the auditing
landscape. We delved into the
capabilities of various AI-powered
tools like Docupace, HighBond,
Blackline, Microsoft Azure, and IBM
Watson, showcasing their potential
to streamline audit processes.
Following these introductions, the
workshop dove into a practical
application using ACL software for
anomaly detection. Participants
actively engaged in identifying
red flags within financial data,
experiencing firsthand the power
of AI in enhancing audit efficiency
and effectiveness.

Dr. Sara Sabry

 Digital
Governance 3.x and beyond
The digital transformation emphasizes readiness
for change and bridging analog-digital gaps for
transparency. Introducing 3D governance models ensures
compliance and prioritizes accountability. DG 2.0 focuses
on efficiency, while DG 2.x advocates transparent,
accountable workflows. Governance 3.x envisions AI-driven
models for iterative improvements, adapting to evolving
needs.
Dr. Khaled Negm

Key Challenges
facing the Internal
Audit Profession
and how to
address them. The panelists emphasized the need for internal audit functions
to adapt and innovate in order to meet these challenges
effectively. They discussed strategies for enhancing the
effectiveness of internal audit, such as leveraging data
analytics and automation tools, investing in continuous
Amira Adeeb, Naji Fayad, Mohamed Yehia, training and development, and fostering collaboration with
Mohamed Nasr, Khaled Aboulata, Ahmed El
Noby
other functions within the organization.

Appointing
forensic Experts
in commercial
arbitration

Dr. Ismail Selim, Dr. Khaled Negm,

Mohamed Yehia, Amr Ghazy, Khaled
Aboulata, Prof. Mohamed sameh
 Ahmed El Noby’s Words
“Agile represents a paradigm shift in
audit methodologies, fostering agility
and resilience in addressing dynamic
business environments.”
“Unlocking Agility: methodology, with emphasis on
Transforming Audits for its key components: the Scrum
Modern Challenges” Team comprising the Scrum
Master, Product Owner, and
In the GRC summit, Ahmed Developers, each with distinct
El Noby delved into the roles ensuring efficiency and
transformative potential of adaptability. Key Scrum events
AGILE Auditing Methodology. such as Sprint Planning, Daily
Under the theme “AGILE Scrum, Sprint Review, and Sprint
Auditing Unveiled: A Retrospective were detailed,
Blueprint for Success,” the each serving as structured
workshop elucidated how this opportunities for inspection
approach revitalizes audits, and adaptation.
emphasizing adaptability
and collaboration in tackling Transitioning to Agile Internal
evolving risks. Auditing, the workshop
addressed challenges
The session commenced faced by traditional audit
with an exploration of Agile engagements, proposing
principles, elucidating Agile Agile as a solution. It
as a philosophy rather than highlighted Agile Internal Audit
a methodology, emphasizing Engagements as a means to
adaptiveness to change. address common challenges,
Tracing its origins back outlining a comprehensive
to the Agile Manifesto in end-to-end process methodologies. Additionally,
2001, originally for software utilizing Scrum methodology. it emphasized the necessity
development, the workshop Furthermore, it emphasized of robust training programs
elucidated its subsequent the potential of Agile to equip audit teams with
adaptation across industries. Internal Auditing to enhance the skills and understanding
Moreover, it emphasized transparency, efficiency, and needed for successful Agile
how Agile’s principles of stakeholder engagement, adoption.
collaboration, iterative thereby driving value-added
development, and customer- outcomes for organizations. In conclusion, Ahmed El
centricity align with the Noby advocated for
evolving needs of modern However, the workshop the integration of Agile
auditing practices. The acknowledged the complexity principles into auditing
discussion highlighted Agile of Agile implementation, citing practices, presenting it as a
as a paradigm shift in audit challenges such as existing transformative approach to
methodologies, fostering agility waterfall methodology inertia navigate modern challenges,
and resilience in addressing and the need for leadership revolutionizing traditional
dynamic business environments. engagement. It underscored audit methodologies to
the importance of gaining ensure relevance, efficiency,
A focal point was the Scrum client buy-in and fostering and adaptability in today’s
framework, a popular Agile a culture receptive to Agile dynamic business landscape.
 International Internal Audit

The New Global Standards Board (IIASB)

oversees this evolution,
ensuring relevance, timeliness,
Internal Audit Standards and global recognition. The
- A Leap Forward to project’s timeline involves
stages like research review,
Elevate the IA Profession structure simplification, content
The IPPF Evolution Project aims to simplify, development, and publication.
clarify, and align the International Ultimately, the updated
Professional Practices Framework framework will enhance
(IPPF), addressing issues like structure internal audit effectiveness,
complexity and inclusion of emerging support global standards,
topics. Goals include delivering and facilitate stakeholder
value, driving recognition, enhancing communication.
quality, and ensuring conformance. The
Naji Fayad

Navigating
the future: unveiling strategic risks and
crafting resilient solutions
Risk categorization involves parameters like likelihood, impact,
probability, urgency, detectability, and manageability. Response
plans include avoiding, mitigating, transferring, escalating, or
accepting risks. Reserves include contingency for known risks and
management reserve for unforeseen events. Residual risk is what
remains after applying response plans, while secondary risks arise
from those plans. Strategies for opportunities include exploiting,
enhancing, sharing, escalating, or accepting them.
Khaled Aboulata

Integrated GRC
Enhancing Organizational Resilience
Integrated within a single model, GRC amalgamates
governance, risk management, and compliance, empowering
organizations to effectively mitigate diversified risks inherited
in their operations along with related regulations to be
embeded in the core of their strategies hence considered
while implementing different objectives and organizations
goals and fostering growth within a sustainably governed
environment.

Sayonara El Asmar
 GRC Summit Egypt 2024

Unlocking Growth
& Empowering Investment
through Achievement:Where
GRC Summit EgyptSets
the Stage for Success &
Opportunities Flourish

In the enchanting blend of ancient Egyptian heritage

and contemporary advancements, we convene to unlock
new horizons, drawing inspiration from our rich history and
harnessing the boundless potential of the present.

Standing at the forefront of the digital revolution, we

push the boundaries and redefine governance in the
digital age. Leveraging the power of technology and
the wisdom of our culture, we chart a course towards a
future where innovation and compliance are seamlessly
integrated.

Through thought-provoking discussions, we shape the

future of governance, risk management, and compliance
in this dynamic era.

Press to Watch
Mohamed Yehia’s Words
Embracing the New Audit Era: Navigating the Global
Internal Audit Standards Evolution
One the key emerging Resource Management” and
challenges currently facing the “Standard 10.3 Technological
internal audit function is how Resources”)
to understand & conform with
the new Global Internal Audit Also new standards have been
Standards released by the introduced (e.g. “Standard
Global IIA on Jan. 9, 2024 to 4.3 Professional Skepticism”,
be effective by Jan 9, 2025. “Standard 6.1 Internal Audit
Mandate”), also new terms (e.g.
The new GIAS comes as a new Root Cause, Methodologies).
audit era and a valuable During 2024, new topical
harvest for 2 years of studies/ requirements, various
surveys/ international efforts translations, IIA conferences,
aiming to simplify the IPPF new QAIP Policy Manual &
structure, clarify all elements, during 2025, CIA exam will be
address emerging topics, changed.
advocate the standards to
various stakeholders, and It’s also worth mentioning
enhance the Audit value that in Jan.2023, the “Arab
creation. Confederation for Institutes of
Internal Auditors” (ARABCIIA)
The current 6 elements of has been established by
2017 IPPF framework have the Kingdom of Saudi
been revamped into (I)- requirements to audit key Arabia aiming to enhance
Mandatory Requirements: 5 emerging challenges (e.g. ESG, collaboration among Arab
domains, 15 principles, and Public Sector). countries, guided by the MOU
52 standards, in addition to The new Global Guidance signed in Feb.2023 with the
8 topical requirements and promote best audit practices. Global IIA. The confederation
(II)-Supplemental: (the Global currently consists of 13 IIA
Guidance). The core of some 2017 affiliates (KSA, Kuwait, Lebanon,
The 5 domains highlight the Standards have remain Qatar, Oman, UAE, Jordan,
Purpose of Internal Auditing, unchanged, merely more Egypt, Morocco, Sudan,
Ethics and Professionalism, elaboration (e.g. standard Bahrain, Tunisia and Somalia).
Governing the Internal Audit 1111, 1220, 2200).
Function, Managing the On Jan 12 2024, I was
Internal Audit Function, and Some current standards were honored to be appointed
Performing Internal Audit mapped to new standards as the first Chairman For “The
Services. (e.g., Current “Mission and Standards Committee”.
Purpose” was mapped to
The 15 principles are “Purpose Statement”, current Recommendation: During 2024,
governing 52 standards, “Code of Ethics” mapped to each Internal Audit Dept. has
where each standard consists “Principles 1 to 5”, current to conduct a thorough gap
of 3 sections (requirements/ “Standard 2030-Resource assessment analysis to identify
considerations/ evidence of Management” mapped to all needed actions to conform
conformance). “Standard 10.1 Financial with the new GIAS then
The 8 topical requirements Resources Management”, formulate proper remediation
address the minimum “Standard 10.2 Human plans
Outsourcing
risk challenges, & controls
In today’s competitive business landscape, outsourcing has become
pivotal for cost reduction, accessing specialized skills, and enhancing
efficiency. This presentation offers a comprehensive roadmap to
navigate outsourcing’s complexities effectively.

Outsourcing involves delegating tasks to third-party vendors, offering

benefits like cost savings and expertise access. However, it poses risks
requiring careful consideration. Over the past decade, it has shifted
from risk to strategic partnership, yielding significant value.

Organizations outsource to reduce costs, accelerate time-to-market,

access unavailable resources, optimize resource allocation, and
focus on core competencies. Challenges include vendor selection,
relationship management, knowledge transfer, cultural adaptation, and
change management.

Outsourcing exposes organizations to strategic, operational,

reputational, regulatory, and financial risks. Failure to manage these
can jeopardize objectives and exceed risk tolerances.

To mitigate risks, adopt rigorous vendor selection, clear contract

negotiations, robust communication, vigilant performance monitoring,
stringent security, and proactive risk management. Develop clear
outsourcing strategies, strong vendor relationships, transparent
governance, invest in training, and evaluate partnerships continuously.

Adhere to best practices like avoiding outsourcing core competencies,

starting small, understanding cultural nuances, and maintaining active
involvement. Address legal considerations, including confidentiality
agreements, regulatory compliance, and detailed SLAs, to safeguard
interests and ensure compliance.

Mastering outsourcing can unlock innovation, competitiveness,

and sustainable growth opportunities. Through strategic foresight,
operational excellence, and effective risk management, organizations
can harness outsourcing’s potential for success.

Osman Azab

GRC Summit Egypt merge civilization

with the modern era, forging a new
digital civilization built upon the
foundations of the past and present,
aiming for a better future.
 Applications
on the GRC matrix to defend
data in cyberspace
The GRC matrix defends data in cyberspace by implementing
principles of CIA (Confidentiality, Integrity, Availability). GRC,
crucial for businesses, aligns IT with goals, manages risks,
and ensures compliance. It works by integrating governance,
risk management, and compliance into a unified framework,
enhancing efficiency and communication while minimizing
threats.
Dr. Emadeldin Helmy

Evolving Governance
and Risk oversight - Rethinking the IIA’s
3 Lines Model
I conducted a workshop titled “Rethinking the IIA’s 3 Lines
Model,” which explored alternative approaches to the
traditional three lines model of defense. Participants engaged
in lively discussions about the limitations of the three lines model
in today’s dynamic business environment and explored ways to
adapt and enhance this model to better address emerging risks
and challenges.

Amira Adeeb

Practical Guidance
Guidance To Conform With the New
Global Internal Audit Standards
The new GIAS 2024 is aiming The workshop was insightful &
to simplify the IPPF structure, interactive providing practical
clarify all elements, address elaboration as how to
emerging topics, advocate understand the main changes
the standards to various between the 2017 IPPF &
stakeholders, & enhance the the new GIAS framework, then
Audit value creation. provide practical examples for
conformance.

Kamal Fayek
 Effectiveness
of Mediation in Economic Crisis
Mediation is a systematic approach where a neutral individual helps
parties find a mutually acceptable solution to a dispute without
imposing decisions. Various terms like mediation, conciliation, and
settlement are now unified under “mediation.” It provides added value
and a comprehensive view of conflicts, considering rules, laws, and time
dimensions. Real-life cases illustrate its effectiveness, like resolving medical
negligence, family estate disputes, and corporate governance conflicts.
A trained mediator facilitates communication, focuses on the problem,
understands each party’s perspective, and helps create value from
conflicts. Mediation training equips mediators with skills like neutrality,
independence, confidentiality, and flexibility.
Fatma Ibrahim

Navigating
ESG & sustainability
challenges in the
digital age The ESG aspects of the Sustainability have become the top
emerging risk facing the globe, all entities (Private & Public) & all
countries (developed & less developed) have to collaborate
towards achieving the 17 SDGs issued by the UN.
The panel has provided rich life cases for initiatives implemented
Kamal Fayek, Prof. Mona Ibrahim, Lamise by E-JUST, CBE, E-Finance Group, and NGOs towards the
Negm, Yasmine Rashed, Habib Bchir community welfare & the Net- Zero emissions.

ESG as opportunity
for Internal audit to add compliance, and
fosters positive
value to the organization workplace cultures.
ESG, pivotal amidst global Aligned with the 2030
challenges, integrates Agenda, ESG navigates
environmental, social, and regulatory frameworks and
governance pillars for benefits from internal audit’s
organizational success. role, ensuring long-term
Its strategic importance viability and societal impact,
transcends trends, fostering guiding organizations towards
sustainable growth and a brighter future.
resilience. Embracing ESG
enhances growth, ensures Habib Bchir
 El bagoury’s Words
Securing Cyber Spaces: Harnessing
KCIs for Enhanced IT GRC against
Cybersecurity Fraud
and the ramifications of Illustrative of the power of
compliance breaches. KCIs, a financial institution
This approach requires reported a 30% reduction in
adaptability, ensuring fraud incidents by monitoring
compliance management transactions and high-risk
evolves in response to new customer behavior. Similarly,
regulations and emerging a healthcare provider
threats. safeguarded patient data by
Introduction tracking access and integrity,
In the digital arena, Cybersecurity Fraud and Its demonstrating the efficacy
the synergy between IT Impact on GRC of KCIs in enhancing fraud
Governance, Risk Management, Cybersecurity fraud, detection and maintaining
and Compliance (GRC) encompassing activities from regulatory compliance.
is critical, emphasizing phishing to sophisticated
the pivotal role of Key insider threats, directly Conclusion
Compliance Indicators (KCIs) challenges GRC initiatives, In summary, embedding KCIs
and the vigilance against undermining traditional within GRC frameworks is
cybersecurity fraud. KCIs, risk management models indispensable for navigating
quantifiable metrics, are and exposing compliance the complexities of the
instrumental in monitoring control gaps. This reality digital domain. It offers a
compliance health, which underscores the necessity of strategic edge in the early
is crucial for adhering to an integrated approach to detection and prevention
regulatory frameworks. GRC, marrying cybersecurity of cybersecurity fraud. As
Conversely, cybersecurity fraud efforts with compliance and cyber threats become more
represents a significant risk, risk management strategies. sophisticated, the role of KCIs
threatening data integrity in reinforcing cybersecurity
and compliance efforts with Integrating KCI to Combat measures and compliance
evolving tactics. Cybersecurity Fraud initiatives grows increasingly
Integrating KCIs into vital.
Understanding Key cybersecurity frameworks GRC professionals are thus
Compliance Indicators (KCIs) is essential to counteract urged to prioritize developing
Key Compliance Indicators cybersecurity fraud. and applying robust KCI
(KCIs) are an advanced Strategies include deploying strategies. This will ensure their
alert system for potential continuous monitoring and organizations can confidently
compliance risks tailored to analytics to identify atypical face the digital future and
specific industry demands. patterns indicative of fraud safeguard against imminent
They facilitate a proactive and incorporating User cybersecurity challenges while
stance in identifying Behavior Analytics (UBA) to fostering long-term compliance
vulnerabilities and aligning detect anomalies in user and organizational success.
IT operations with regulatory actions, signaling potential This proactive approach is
standards. insider threats. An effective vital to securing immediate
Effective utilization of KCIs incident response strategy, operational security
necessitates a thorough underpinned by KCIs, ensures and sustaining long-term
grasp of relevant laws, an timely detection and resolution organizational resilience and
organization’s risk landscape, of security incidents. integrity.
Compliance Culture
and Ethical Leadership:
Emphasize the importance
of fostering a compliance
culture within organizations
During this insightful discussion, panelists emphasized the need for organizations
to prioritize ethics and compliance as core values, rather than mere checkboxes
to be ticked off. They highlighted the crucial role of leadership in setting the
tone for ethical behavior and cultivating a culture that values integrity and
accountability. Strategies for promoting a culture of compliance, such as robust Amira Adeeb, Amina
training programs, transparent communication, and strong oversight mechanisms, El Kenany, Sabrine
were also discussed. Makkes, Aly Seoud,
Dr. Mohamed Nasr

Harnessing AI
and Digital Transformation
for GRC Excellence:
Empowering Organizations
In an era of rapid change, harnessing digital tools like AI and cloud computing demands wise
governance. Balancing progress with ethical use is vital to safeguard humanity’s future. Drawing from
history’s lessons, Egypt emphasizes wisdom in navigating the digital age. Governance must evolve
to ensure technology serves justice and human rights. This calls for international collaboration akin
to past institutions like the UN. The focus lies not just on the tools, but on how they’re wielded for
the greater good, preventing digital enslavement and promoting ethical AI use.
Maged Roshdy, Sabrine Makkes, Dr. Emadeldin Helmy, Nada Rizkalla, Wessam maher

IFRS
Charting the Course to
Financial Clarity
IFRS 9, an international accounting standard, improves financial
instrument accounting. It classifies assets into amortized cost, FVOCI,
or FVPL categories. Measurement depends on classification, with fair
value adjustments recognized in income or other comprehensive
income. It adopts a forward-looking approach to credit loss
recognition, considering historical and future information. Applying
IFRS 9 requires proper classification, measurement, and impairment
assessment. It enhances transparency, aiding decision-making and
comparability in financial reporting.
Ossama Emil
 increased duties and/or

Egyptian
In Egypt’s digital landscape,
our dedication to corporate
responsibility and expanding
regulatory demands means

Governance:
governance shines brightly higher expectations for
as a symbol of grace and board and management
leadership. performance. Focusing and
Despite facing Illuminating
the Digital Path supporting the training and
challenges such as with Grace and Excellence best good practice awareness
cybersecurity risks may lead to avoid and settle
and regulatory complexities, some issues we already found
we approach them with poise, during our journey. . . .
seeing each hurdle as an
opportunity to showcase our - Information and any related
statistics not being supplied
resilience and creativity. With
to the Board of Directors -
elegance and determination,
BOD and the committees in a
we adapt regulations,
timely manner and/or not of a
empower diverse boards, and
proper standard.
craft agile risk management
- BOD and committee
strategies. Transparency is
members having a weak mix
our signature, as we engage of skills, knowledge, education,
stakeholders with warmth and operational experience and
openness, fostering a culture diversity.
of continual improvement. As - BOD and upper
trailblazers in the digital age, management not spending
Egypt gracefully leads the enough time on strategy,
way towards lasting success, organizational objectives and
guided by our unwavering the longer-term plans of the
commitment to governance organization.
excellence. - Corporate Governance
documentation either not
Amina El Kenany being in place and/or not
accurately reflecting the

Strategic Governance:
actual system.  
- BOD members not having
sufficient time to commit to the
Unlocking Success Through Training and Awareness organization
to discharge
Never forget that Corporate their duties and responsibilities
Governance training and effectively.
awareness sessions are vital
for grasping the principles Whether you are a BOD or
and implementing several committee member or an
and different mechanisms for executive with accountability
improved governance. Such to the BOD, trainings or
training provides professionals awareness sessions of any
with technical, practical, type of continuous education
and theoretical insights into will help you make your
policies, processes, and many next business meeting more
more. The team in charge effective and engaging for all
need to ensure they keep up concerned and may lead for
to date with rules, regulations better business improvement.
and legislation, which can
prove challenging. In addition, Dr. Mohamed Nasr
Dr. Lamise A. Negm’s Words
into their decision-making
ESG Contributes to Building processes enables them to
a More Sustainable make more informed and
sustainable investment
Economy and Creating choices. Furthermore, it fosters
Value for Investors and corporate social responsibility
and drives continual
Society improvement across industries.
In today’s global financial
For companies, embracing ESG
markets, the spotlight is
standards requires navigating
increasingly turning towards
various challenges. From
environmental, social, and
measuring and evaluating
governance (ESG) factors
performance to complying
as critical considerations
with legal and regulatory
in investment decisions. This
standards, companies must
paradigm shift represents a
overcome hurdles to align
departure from traditional
with ESG criteria. Moreover,
investment standards, from
the financial implications
financial returns the only focus.
of implementing ESG
As now investors recognize
standards can be substantial,
the importance of ESG
necessitating significant
factors in driving sustainable
investments in areas such
financial returns while also
as energy efficiency and
fostering positive social and their peers financially, sustainable supply chains.
environmental impact on . benefiting from improved
management, cost efficiency, Additionally, fostering
One of the fundamental and greater long-term organizational culture and
impacts of ESG reporting on performance. Moreover, they awareness around ESG
investments is the enhanced attract more funding, reflecting principles is essential for
transparency and disclosure investors’ growing appetite for successful implementation.
it brings to companies. sustainable investments. Companies must invest in
Investors now expect
educating and engaging
honest and comprehensive However, implementing ESG employees and management
reports detailing a practices presents its own set about the significance of
company’s practices and of challenges for companies. ESG and its role in promoting
their implications for the Standardizing and measuring business sustainability.
environment and society. ESG performance uniformly
Such transparency enables remains a significant hurdle, In conclusion, ESG practices
investors to assess risks and complicating comparisons represent more than just a
opportunities through the lens between companies. passing trend; they signify
of ESG standards, empowering Additionally, ensuring the a fundamental shift toward
them to support companies accuracy and reliability of sustainability in the investment
driving positive societal and data for investors poses world. By embracing ESG
environmental change. ongoing challenges. principles, investors can not
only drive financial returns
Research consistently Despite these obstacles, the but also contribute to
demonstrates the financial influence of ESG practices building a more sustainable
rewards of investing in ESG- on investment continues to economy and creating lasting
conscious companies. These grow. Investors recognize that value for both investors and
companies tend to outperform integrating ESG considerations society as a whole.
Advocacies
of The GRC Summit Egypt 2024

The GRC Summit Egypt educational conference

was held over four days from February 14th
to 17th, 2024, in its second edition. It covered
governance, risk management, auditing, compliance,
cybersecurity, ESG, and international arbitration
under the theme “Empowering Individuals to Thrive in
the Modern Digital Age.” The event was organized
in collaboration with various Egyptian government
entities and international educational institutions,
The conference concluded with the following
Advocacies:

• Develop a comprehensive framework for governance, risk management, and

compliance tailored to industry requirements and aligned with standards
without compromising state sovereignty.

• Conduct regular risk assessments using high standards to identify threats and
weaknesses, aiding in prioritizing risks and implementing suitable controls.

• Develop clear policies and procedures aligned with organizational goals

and regulatory requirements, covering areas such as information security, data
privacy, financial controls, regulatory compliance, and sustainability.

• Continuously train the workforce to foster a culture of governance,

compliance, and risk awareness at all levels, ensuring training strategies align
with organizational objectives and technological advancements.

• Foster an innovative culture to achieve strategic goals through collaboration,

accompanied by a tolerance for some innovation failures.

• Establish plans to identify, contain, and address cybersecurity incidents,

emphasizing business continuity, risk assessment, weakness simulation, and
the use of AI for big data analysis and anomaly detection while ensuring
compliance with software controls.

• Expand the use of “reverse engineering” methodology to test and verify the
quality of software and electronic products, aligning with IT governance
standards in the current digital transformation landscape without violating
regulations.
• Evaluate institutions and companies for potential climate change impacts on
their operations and sustainability, develop adaptive strategies, collaborate
with local communities, governments, and relevant entities to combat climate
change, exchange knowledge, resources, and develop legislative frameworks.

Implement the Global Internal Audit Framework (GIAS) necessitating steps

such as:

• Understanding the Framework: Internal audit management should familiarize

themselves with the GIAS framework, its principles, and specific guidelines. They
must understand how it aligns with the organization’s objectives and current
internal audit practices.

• Assessment of Current Processes: Conduct a gap analysis to evaluate

the alignment of current internal audit processes with the GIAS framework.
Identify areas requiring improvement or modification to meet the framework’s
requirements.

• Updating Policies and Procedures: Review and update policies, procedures,

and methodologies related to internal auditing to incorporate the principles
and standards of the GIAS framework. Ensure they reflect the latest best
practices and guidelines.

• Training and Awareness: Provide training sessions and awareness programs

for internal audit staff regarding the new GIAS framework. Ensure they
understand the changes, their implications, and how to effectively implement
them in their daily activities.

• - EQA Compliance: Highlight the importance of EQA-compliant institutions

undergoing reviews every five years, with those due in 2024 or 2025
completing the review before January 2025. This ensures reviews are
conducted according to current standards, avoiding discrepancies with new
standards.

In conclusion, it’s imperative to establish a clear and transparent working

relationship among the three lines without encroaching on their roles. The
first, second, and third lines must collaborate to manage risks effectively for
the organization’s benefit. Within the governance and policy framework, this
entails:

• Cultivating a shared culture.

• Establishing a common database for risks and controls.
• Forming cross-functional teams and approaches for product development.
• Participating in training sessions and workshops together to ensure knowledge
transfer and understanding.

Advocacies Written by Ihab Soliman

 The GRC Summit Egypt is not just an event
it’s a movement, a call to action for all those
who believe in the power of collaboration to
drive positive change.

The GRC Summit Egypt is a

transformative movement, rallying
stakeholders to harness the power
of collaboration for positive change.
With a focus on enriching knowledge,
empowering regional prowess, igniting
global partnerships, confronting GRC
frontiers, and sparking personal growth,
this summit transcends boundaries
to redefine the landscape of Digital
Governance.

Bishoy Ebied The Founder of The GRC Summit Egypt

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