EY Nordic Risk Transformation Awards

This category focusses on companies that transform their internal audit systems through innovative approaches in technology, structure, or processes, by creating measurable added value.

Winner: Gjensidige

Gjensidige’s approach to Internal Audit is cutting edge on multiple parameters.

The company has integrated its assurance activities across the three lines. The activities are based on standardized processes and a single audit management platform (ServiceNow). They are risk based, linked to strategic priorities, and coordinated between 2^nd line and 3^rd line.

Internal Audit makes use of AI to support audit plans and individual audits and has also developed a model to audit risk management associated with the use of AI. The function has developed an approach to joint audits of common vendors together with peers and takes part in the EU audits of Cloud service providers such as Microsoft, ServiceNow, and Amazon.

The Internal Audit function has a lean and flexible capability model making use of a mix of internal and external experts. Audit reporting is focused on the risks that are significant and pertinent in the larger picture. The function is a trusted partner to business leaders and is involved in major strategic initiatives like M&A’s.

The jury finds that Gjensidige can inspire and cross-fertilize other companies when it comes to innovative and best practice risk management. 

Organizations which apply innovative digital technologies in risk management, for example, leveraging machine learning, AI or GenAI while exploiting a variety of internal and external data sources to identify, assess, mitigate and monitor risks.

Winner: Novo Nordisk (FPMSAT Division)

Novo Nordisk (FPMSAT Division) has transformed risk management across global capital programs by re‑engineering its risk model with a clear focus on execution. Rather than treating risk management as a compliance exercise, the division has embedded the model into day‑to‑day operations, making it a practical tool for delivering complex investment programs.

The jury finds that the winner has achieved an impressive operational risk transformation by using the risk model as a digital enabler for a unified risk culture. Through systematic training of more than 200 employees, Novo Nordisk (FPMSAT Division)  has established a common risk language that empowers teams to identify and resolve risks locally, where decisions and actions matter most.

The jury is convinced that the combination of strong executive sponsorship, clear ownership, and disciplined execution contributes directly to safeguarding long‑term investment value.