Risk in Focus: Jayraj Maywah IRMCert, Head of Internal Audit, Mauritius Housing Company Ltd
The Institute of Risk Management (IRM) asks its members what working in risk is really like and what hints and tips they'd share with people looking to move into the industry.
Jayraj Maywah IRMCert
Head of Internal Audit
Mauritius Housing Company Ltd
How did you get your job?
I joined the Mauritius Housing Corporation (Now Mauritius Housing Company Ltd) in 1985 as a clerk. I studied for the qualification of the Association of Chartered Certified Accountants which helped me to reach the position of Accountant. In December 2019 I was asked to head our Internal Audit unit. A position which I previously held for more than eleven years.
What’s a typical day like as a Head of Internal Audit?
An internal auditor's major part of the role is to evaluate and improve the effectiveness of risk management. In a certain manner the internal auditor is, as if, omnipresent in the system. If something goes wrong or risks have not been properly managed it is the internal audit unit which is finger pointed. As such the internal audit unit has to ensure that risks are properly managed.
What do you enjoy most about your job?
The most interesting part is to have an eye on the risk management process of the company. Also we have to look at the indicators of risks so that timely actions might be taken. Furthermore we need to consider emerging risks. These in themselves are not bad. There might be potential for business opportunities which would enable the company to reach new heights.
What are the challenges?
The challenges that we are facing right now is that the business landscape is dynamic. What was working sometime back might no longer give the same desired results. As such, we have to prepare for a future which does not exist.
What made you decide to study the IRM International Certificate in ERM?
Being also an affiliate member of the Chartered Institute of Internal Auditors- UK & Ireland I covered risk management extensively. This was from an internal audit perspective. However, I always wanted to look at risk management from a risk manager’s standpoint as this would enable me to better understand and speak a risk language.
What has it taught you that you can immediately put into practice?
I have learnt much. To start with I have understood how to use the bow- tie model for risk identification and controls. Manage risk up to the tolerable limit. Also the monitoring and reporting of risks.
What would you say to other people considering studying the qualification?
I would advise them to go ahead as there are high demands for risk managers. The pay also is interesting.
What advice can you give to others?
- The world will witness a major disruption with the advent of industry 4.0 in 2024. Many jobs will no longer exist. These would be undertaken by artificial intelligence/robots. In itself this represents an opportunity as risk management professionals. To cope with this situation the IRM has developed the certificate in digital risk management.
- Geopolitical crises have been in the top ten risks as per the world economic forum. As a result there would be considerable pressure on the supply chain. IRM has the certificate in supply chain risks.
- With economic down turn which is a looming, the possibility of frauds occurring in the business is high. To cope with this situation the IRM has developed the certificate in operational risk management.
- Finally as long as we are alive we have to keep on learning. This is the only way which will make us sought after players of the organisation.