TMB Wins at ICAP Digital Technology Awards for Pioneering Use of Technology in Internal Audit

Telenor Microfinance Bank (TMB), operator of Pakistan’s leading digital financial services platform, easypaisa has been awarded the prestigious ICAP Digital Technology Awards in the category of ‘Use of Technology in Internal Audit’ for its groundbreaking digital audit application, DARE (Disrupting Audit Realms, by Embracing the Digital Opportunity).

The event was graced by Zohaib Khan, Chairman, PASHA, Humayun Bashir, Chairman, E.ocean, and ICAP Council Member, Khalid Rehman. Zohaib Khan, Chairman PASHA, presented the award to Junaid Yusuf Kara, Chief Audit Officer at TMB, in a grand ceremony in Karachi.

DARE is an industry-first initiative and one of a kind in the audit realm. It’s a testament to TMB’s commitment to innovation and excellence in internal audit processes. Leveraging the advanced capabilities of Power BI, Python, and Generative AI, DARE revolutionizes audit methodologies and reduces the audit lifecycle, enabling near real-time monitoring of the bank’s control environment. This transformative application provides predictions and insights that enhance shareholder decision-making.

DARE offers a suite of advanced features, including dynamic and interactive dashboards powered by Power BI, predictive analytics using Python to identify potential risks and opportunities, and an AI-driven chatbot utilizing generative AI to deliver intelligent narratives and deep insights for stakeholders.

Accessible on both desktop and mobile platforms, DARE is designed to provide comprehensive and actionable insights through user-friendly interfaces. The application supports TMB’s goal of evolving into a data-driven, trusted, and innovative function that not only provides assurance and advice but also offers foresight for critical decision-making. This marks a significant shift from a traditional detective role to a predictive landscape in internal auditing.

Commenting on the achievement, Junaid Yusuf Kara, Chief Audit Officer, TMB, expressed his gratitude by saying “We are honored and grateful for this recognition of our aspiration and journey towards becoming a dynamic, versatile, and data-driven audit function. This award excites us to continue our pursuit to be the change maker of the audit discipline from a detective to a predictive function by leveraging on the disruptive power of technology. This award gives us yet another opportunity to celebrate our change journey which brings with it more opportunities to nurture and grow next gen audit talent and skillset. DARE is more than just a in-house developed tool that uses AI and data analytics, but a passion project of TMB IA supported by Board Audit Committee and management team without which it would not have been possible. A big shout out to the DARE”ing” project team who are the true giants on whose shoulders we stand. I would like to congratulate ICAP for holding the Digital Technology Awards as it serves as a core platform for entire industry to demonstrate automation done in their respective fields. I hope to see this tradition continue and encourage all to participate and share achievements for collective benefit of all and the Internal Audit profession.”

The success of DARE highlights TMB’s leadership in adopting cutting-edge technologies to enhance the effectiveness and efficiency of audit processes. This award reinforces TMB’s position as a pioneer in the digital transformation of internal audit functions.

TMB is dedicated to providing high-quality assurance, advice, and foresight. By embracing digital opportunities, the department aims to transform traditional audit practices and offer valuable insights that support strategic decision-making.