2018 and Beyond : Agility & Innovation to drive Efficiency in Internal Audit

Emerging Technologies are fueling Innovation across all Industry Verticals and are changing the way we do Business.Coupled with rapidly changing Geopolitical Landscape, Organizations globally are exposed to a Risk Universe and they need to make sure that the critical Processes and Controls stay relevant and effective.When we talk of Internal Audit for 2018 and beyond, the most important questions we need to ask are

  • How is Internal Audit function amalgamating Technology & Talent to drive Efficiency ?
  • How is Internal Audit building & executing a robust Strategy for moving forward ?

The answer to these questions are the driving factors for Internal Audit Efficiency and Effectiveness  : Agility & Innovation. In a recent report  from Institute of Internal Auditors, 38 percent of total Chief Audit Executives surveyed believe that their Internal Audit Processes are not yet Agile. While there’s a growing demand from the Board and the Audit Committees for getting deeper insights into Business Processes, we see that many Internal Audit departments are still struggling to develop a formal methodology for integrating Data Analytics, real time Reporting & Collaboration capabilities. When it comes to implementing Agility in Internal Audit, there are still some opportunities for enhancement for keeping pace with the dynamically changing Business Landscape.

To address these challenges of 2018 and beyond,  Innovation and Strategic Auditing both are vital for Internal Audit to stay relevant by utilizing tools and techniques that add value. The resultant Time and Cost efficiencies can enable Auditors to meet the Board’s expectations and focus on important areas of Organizational changes and Strategic Plans & Initiatives. Agile & Innovative Internal Audit frameworks drive improved results through the added functionalities of Automation, Real time Reporting & Collaboration, Mobility and Security.

The power of such a methodology lies in the transformative approach & Strategic Execution. We at Confident Governance are enabling Businesses worldwide to make Governance, Risk, Compliance and Internal Audit their competitive advantage through our Agile GRC Product suite built on the number one Cloud Computing platform Salesforce.com. Our mission is to help Companies across all Industry Verticals to stay on top of the latest in Governance, Risk, Compliance & Internal Audit.

How do we apply Agile & Innovative strategies for Internal Audit processes ? What are the key drivers of Internal Audit Leadership ? To learn more on this, join our Chairman, Bhavesh C. Bhagat at the IIA International Conference 2018 where he discusses the key factors of Technology, Agility & Creativity derived from the non-parallel fields of Music, Martial Arts & Entrepreneurship for Internal Audit Leadership. In the subsequent posts we will be talking about the key ingredients from these non technical fields which can take Internal Audit to a whole new level of Effectiveness. Stay tuned !

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