Innovation, Automation & Agility are the new normal and finding ways to anticipate the unexpected Risks & Opportunities adds great value to a Business. While our previous post in this exciting Audit Efficiency blog series talked about how the key element of Innovation derived from Music can be leveraged for gaining efficiency in Internal Audit, this excerpt focuses on how Agility can be leveraged to get a winning edge.
When we talk of Agility, the first thing that comes to our mind is Martial Arts. Learning any form of Martial Arts is not just about physical fitness or self-defense, it’s more about unleashing the hidden human potential. There’s a lot to learn for Business and Process Efficiency from Martial Arts. In a lot of ways Martial Arts, in general are a way of learning and implementing Agility through physical activity. There are always new techniques being developed and new ways to counter those techniques in any form of Martial Arts. In the realm of Business, Agile techniques require Auditors to Face forward, Plan Strategically and then share insights with the Audit Committee and the C-Suite.
During a combat, a Martial Artist sees everything coming towards him/her as an opportunity which he/she can survive with least amount of attributes and maximum amount of technique. Likewise, Agility in Internal Audit functions is about having the flexibility to adapt to any sort of disruption. With the constantly changing Geo political landscape and evolving Risk Universe, aligning Agility with Internal Audit is of utmost importance to gain Strategic Insights. Agility also implies that learning becomes a never ending process. Just as being open to new techniques in Martial Arts broadens the horizons for it’s practitioner, being open to Emerging Technologies makes the Auditor adapt and respond positively to a changing physical environment.
In Martial Arts, a technique learnt has to be complemented by execution. That very well resonates with the need for Businesses to have Strategic thinking with Continuous execution. As Internal Audit Practitioners and Leaders, we need to leverage the Agile methodology’s transformative power using Strategic execution using which Internal Audit can deliver efficient assurance and better insights on Processes, Controls and Risks.
For the challenges of 2018 and beyond, Agility, Innovation and Technology are going to be the prerequisites for achieving Efficiency & Effectiveness in Internal Audit Processes. The Agile and Innovative functionalities of Real time Reporting & Collaboration that we at Confident Governance have been providing to Businesses worldwide through our Agile GRC Product suite step up Internal Audit and overall Governance Processes from being check-the-box activities to being a competitive advantage.
To learn more on this join our Chairman, Bhavesh C. Bhagat at the IIA International Conference 2018 where he discusses how to leverage Agility for Leadership by sharing his insights as a Taekwondo Martial Artist. In the subsequent post we will discuss how the characteristics derived from Entrepreneurship can be leveraged for achieving Efficiency & Effectiveness in Internal Audit Stay tuned !
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