Understanding technology’s impact on business risk in the power and utilities sector

Approaching IT auditing in the power and utilities sector

Leading IT internal audit departments think about technology strategically rather than tactically. They formulate risk assessments and audit plans by developing a sector-level understanding of technology-based trends influencing the industry and their utilities’ strategic and operational objectives behind IT investments. By understanding how a utility’s technology strategy intersects with its business strategy, IT internal audit departments can derive insights into the real and significant risks to focus on.

This paper highlights four trends in the utilities sector that effect a utility's business and technology strategy and, therefore, how IT internal audit determines its audit plan. 

Utilities, internal audit, it, risk

A look into trends increasing risk in other industries

With more and more developers building in the cloud—given the cloud’s accessibility, portability, and powerful collaborative capabilities—the traditional focus on security and controls sometimes gets overlooked, creating unwanted entry points into the organization.

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A considerable growth in transaction volume has led to data management and control issues. The increasing deployment and use of analytics and subsequent pressures on data governance create heavy burdens for banks regardless of size and scope of operations.

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The deployment of financial technology (fintech) and other, emerging technologies such as robotics, blockchain, and artificial intelligence, have the potential to transform the financial services industry by facilitating efficient and cost-effective service delivery.

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How we can help

PwC’s Internal Technology Audit Solutions (ITAS) practice provides clients with a range of internal audit services from consulting on performance improvement, to sourcing the entire internal audit function.

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Michael Corey
Cybersecurity and Privacy Liaison
Tel: +1 (415) 498 7402
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Matthew Wilson
Director, Power and Utilities
Tel: +1 (214) 754 7204
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