Islamabad, Aug 6: The operator of the most popular digital financial services platform in Pakistan, Telenor Microfinance Bank (TMB), has won the prestigious ICAP Digital Technology Awards in the “Use of Technology in Internal Audit” category for its innovative digital audit application, DARE (Disrupting Audit Realms, by Embracing the Digital Opportunity).
Zohaib Khan, the Chairman of PASHA, Humayun Bashir, the Chairman of E.Ocean, and Khalid Rehman, a member of the ICAP Council, graced the occasion. At a lavish ceremony in Karachi, Chief Audit Officer of TMB Junaid Yusuf Kara received the award from Chairman of PASHA Zohaib Khan.
DARE is a unique program in the auditing field and a first for the industry. It demonstrates TMB’s dedication to excellence and innovation in internal audit procedures. DARE revolutionizes audit procedures and shortens the audit lifecycle, providing near real-time monitoring of the bank’s control environment. It does this by leveraging the sophisticated capabilities of Power BI, Python, and Generative AI. The innovative tool offers forecasts and perspectives that improve the decision-making process for shareholders.
DARE provides an advanced feature set that includes dynamic and interactive Power BI dashboards, predictive analytics with Python to identify possible risks and opportunities, and an AI-powered chatbot that uses generative AI to provide stakeholders with deep insights and intelligent narratives.
DARE is available on desktop and mobile devices, and its user-friendly interfaces are intended to deliver thorough and practical insights. The program helps TMB achieve its objective of becoming a data-driven, reliable, and creative function that gives insight and assurance for important decision-making in addition to being a reliable source of assurance and counsel. This represents a dramatic change in the internal auditing field from a standard detective role to a predictive one.
“We are honored and grateful for this recognition of our aspiration and journey towards becoming a dynamic, versatile, and data-driven audit function,” said Junaid Yusuf Kara, Chief Audit Officer, TMB, in response to the accomplishment. This honor motivates us to keep up our efforts to use technology’s disruptive potential to transform the audit discipline from an investigative to a predictive role. With this honor, we have even more reason to celebrate our journey of change and the opportunities it presents to develop the talent and skill set of the future generation of auditors.
DARE is not simply an AI and data analytics tool created internally by TMB IA; it is also a passion project of the company, made feasible by the management team and the Board Audit Committee. We are incredibly grateful to the DARE”ing” project team, who are the real giants that we stand upon.ICAP deserves special recognition for organizing the Digital Technology Awards, which provide a central venue for the industry to showcase automation achievements in their respective domains. In order to benefit everyone as a whole and the internal audit profession, I hope to see this tradition continue and urge everyone to take part and share accomplishments.
The triumph of DARE underscores TMB’s pioneering role in embracing state-of-the-art technologies to augment the efficacy and efficiency of audit procedures. With this recognition, TMB is further cemented in its role as a leader in the digital revolution of internal auditing. TMB is committed to offering superior guidance, certainty, and insight. The department hopes to revolutionize standard audit procedures and provide insightful information to aid in strategic decision-making by seizing digital opportunities.
