In a powerful call to action, the Philippines’ leading conglomerates have urged businesses to reframe internal audit teams as strategic partners rather than compliance enforcers, as companies grapple with the twin challenges of artificial intelligence (AI) disruption and rising cybersecurity threats.
Executives from PLDT, Smart Communications, and JG Summit Holdings gathered for a joint forum marking International Internal Audit Awareness Month. Themed “Thriving in an Era of Disruption,” the event united leaders from telecommunications, fintech, aviation, and agriculture, emphasising that a robust, collaborative audit culture is essential to navigate the unpredictable business landscape.
“Butch Jimenez, chief operating officer of PLDT, underscored the importance of empowering internal audit, saying, “As leaders, we must champion internal audit not as fault-finders, but as strategic partners. When we value and empower them, the rest of the organisation will follow. Internal Audit is not a monster with a whip but a mentor that keeps us on the straight and narrow path of our corporate life, guiding the company to success.”
Confronting AI’s Uncharted Risks
Among the key concerns raised by panellists was the meteoric rise of artificial intelligence, a technological shift they described as both an opportunity and a generational challenge requiring careful oversight.
Brian Cu, independent director of Cebu Air and GoTyme, warned that the widespread adoption of AI demands a proactive approach from internal auditors. “AI is the biggest disruptor in our generation. It will redefine how we work, as well as how our kids will work,” Cu said. “But the question is, who audits AI? How much oversight is needed? This is a once-in-a-generation challenge, and Internal Audit must shape how AI is understood, governed, and integrated into our organisations.”
The panel echoed concerns that without effective oversight, AI could amplify existing risks or create new vulnerabilities, making the role of auditors more critical than ever.
Building Cyber Resilience Through Collaboration
Cybersecurity emerged as another top priority. Jimenez highlighted PLDT’s intensified efforts to protect customers and networks from increasingly sophisticated cyber threats, announcing the company’s collaboration with international security experts.
“We recognise the critical importance of protecting our customers from increasingly sophisticated cyber threats. As threat actors evolve, so must we,” Jimenez said. “Beyond securing our own network, we’re also committed to sharing our knowledge and expertise with other organisations.”
In a bid to strengthen collective defences, Jimenez revealed that PLDT is working with the government through the Presidential Private Sector Advisory Council to help develop a comprehensive national cybersecurity framework. “That’s how serious we are about protecting not just our business, but the entire digital ecosystem,” he stressed.
Jimenez advised companies to build trust through their brand reputation, adding, “If the market trusts and believes in you, it will be much harder for a disruptor to just wipe you out. Your brand becomes your shield.”
A New Role for Internal Audit
Panellists also argued that internal auditors must evolve beyond traditional roles, gaining a deep understanding of their businesses’ core mission to offer relevant, forward-looking advice.
Metro Pacific Agro Ventures CEO Jovy Hernandez said, “Whether in telco, banking, or agriculture, we all face disruption. The answer is a clear purpose that transcends profit. Internal Audit must understand the core of the business to provide relevant, forward-looking guidance.”
Maya Bank president Gelo Madrid credited his firm’s agility and resilience to its strong partnership with internal audit, noting that auditors are crucial not just in compliance but in steering organisations towards strategic goals. “Beyond improving operations, internal audit is a critical partner in leading organisations to the right path,” he said.
A Unified Front for Future Challenges
The event highlighted the need for Philippine businesses to unite in strengthening audit functions, fostering smarter risk-taking, and building resilience in a rapidly changing world.
As AI, cybersecurity threats, and economic volatility reshape the business landscape, the MVP and Gokongwei groups’ message is clear: internal auditors are indispensable allies in helping organisations thrive amid disruption.
With stronger collaboration, deeper business insight, and vigilant oversight, Philippine firms aim to secure their future in an era defined by both unprecedented risks and opportunities.
