Transforming the value proposition of internal audit
It’s time to think differently about internal audit
The Fourth Industrial Revolution (4IR) is shaping every aspect of modern life, from our homes and personal experiences to how and where we work and live. Companies are innovating at dizzying speed, while entire industries are being disrupted.
This rapid evolution has a direct impact on internal audit, which must find better, faster ways to address new risks. These changes—in particular the technologies powering 4IR—provide an opportunity for internal audit to transform itself to be people-led and data-driven.
Sound familiar?
Qualitative risk assessment discussions seem too high level
We’re duplicating control testing activities across the 3 lines
Sample approach for audit work seems antiquated
Our stakeholders’ expectations are increasing, but budget pressures remain
We’re struggling to attract and retain NextGen talent
How do we audit differently?
While IA has made incremental strides over the past few decades, it’s time to take a giant leap. Let’s transform IA.
The transformed internal audit function
Proactive risk focus
Embed a continuous Risk Sensing process that uses external and internal sources of data for identification of risk areas
Flexible operating model
More dynamic teams with leverage models across the 3 lines of defense
Audit spectrum, not audit plan
Diversify the scope and nature of audit activities. Issues based reviews, audit insight workshops and more…
Higher precision audit activities
Analyze 100% of populations using neural networks and AI to scope highly focused audits.
Behavioral science
Leverage data to identify behavioral trends and root cause –uncover the blind spots!
Accelerate your transformation
We can help you:
Establish a foundation for your IA transformation journey by:
- Helping you design a transformation roadmap that aligns with your strategic goals and culture
- Enhancing and developing new operating models for internal audit
Accelerate your transformation by:
- Bringing your transformation use cases to life through NextGen IA technologies, data platforms
- Working with you to develop NextGen talent profiles to lead your transformation efforts
Sustain your progress by:
- Providing access to audit relevant tools and platforms
- Sourcing support, on-shore, off-shore and Subject Matter Resources
Are you ready to:
- Identify blind spots, previously humanly impossible
- Influence the strengthening of first and second line defenses through digital collaboration and continuous monitoring
- Provide greater coverage without increasing audit resources
- Conduct audits with surgical precision
- Uncover human behavioral patterns through machine learning and regression
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