The Santa Fe Retirement and Pension Fund (Caja de Jubilaciones y pensiones de Santa Fe), part of Argentina’s Federal Social Insurance Council (Consejo Federal de Previsión Social – COFEPRES), set out to rethink its internal audit practices in high-impact processes in order to optimize, streamline, and transform them into drivers of institutional change.
The first step was to speed up the time taken to audit activities, without affecting the existing high quality. This had to be done while also guaranteeing that findings are communicated in an opportune and immediate manner. To this end, part of the audit body’s staff team (auditors) were incorporated in to the core departments of the institution (determination of rights and assets, readjustments and preparation of administrative acts), to become an integrated, in-person and continuous presence in the teams.
It was decided that audits would be carried out immediately after each of the high-impact tasks, and not at the end of the process and in isolation, as had been the case in the past.
The second step was to adopt a dynamic approach to internal auditing strategies. To do this, we had to rethink decision-making processes, incorporating new values, timely understanding, concise reporting and strategic alignment with the organization’s objectives.