BSTDB Hosts the Heads of Internal Audit Annual Meeting
Internal Audit Leaders Convene in Thessaloniki to Discuss ESG, AI, and Evolving Governance Standards
The Black Sea Trade and Development Bank (BSTDB) hosted the Annual Meeting of the Heads of Internal Audit (HOIA) on 12–13 June 2025. The two-day event, held under the theme “Empowering Accountability and Resilience,” brought together internal audit leaders from over 40 international financial institutions, United Nations agencies, European bodies, and global alliances.
Participants addressed a wide range of critical topics shaping the future of the profession—from ESG integration and fraud risk management to artificial intelligence, generative technologies, and internal audit quality standards.
In his opening statement, BSTDB President Dr. Serhat Köksal underlined that “the role of internal audit is one of the critical functions, given the current challenging international setting, including geopolitical tensions, economic volatility, technological disruption, and urgent climate imperatives.” He stressed that International Financial Institutions (IFIs) have an increased responsibility to drive in these factors into their governance frameworks because of their wide-reaching impact on communities, the environment, and global development.
Delivering the keynote, Anthony J. Pugliese, President and CEO of the Institute of Internal Auditors, emphasized the systemic, fast-evolving and interconnected nature of today’s risk landscape. Emphasis was placed on the expanding role of internal audit- transforming from traditional oversight to providing strategic guidance in enterprise risk management. He highlighted the dual impact of technology as both a disruptive and an enabler and introduced the principles of responsible AI governance. He concluded by outlining key priorities for strengthening the future of the profession, emphasizing culture, synergies and resilience as the foundations for long term sustainability.
Pavlos Pavlides, Director of Internal Audit at BSTDB and host of the Meeting, stressed the importance of sound governance, vigilance, and integrity in delivering on institutional mandates. He called for strengthening collaboration among internal audit functions across international organisations to increase collective impact, knowledge-sharing, and professional development.
The Meeting concluded with a shared commitment to advancing the internal audit profession as a cornerstone of good governance, resilience, and institutional excellence.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.
Contact: Haroula Christodoulou
: @BSTDB
