With technology and the world economy changing at an accelerating pace, organizations need to adapt swiftly and efficiently. Many businesses face increasing levels of risk due to expanding operations in emerging markets and developing countries. Meanwhile, regulatory requirements are escalating and the intertwined forces of globalization and advances in technology are creating new opportunities, but also new risks.
This volatility and velocity have had a profound impact on the Internal Audit (IA) function. IA must balance priorities and resources to help the organization address the risks it faces today, anticipate emerging risks and stay in the game.
The challenge is significant, and so is the payoff — the function that successfully adapts to today’s rapidly changing world will become a trusted advisor to an organization poised for growth.
As its mandate expands, IA needs to conduct multiple balancing acts simultaneously. The IA function must maintain a laser focus on basic and core activities, but it must also be ready to take on more of an advisory role. And it must be able to “look around the corner” to see tomorrow’s risks today.
Is your IA function prepared to help management answer questions like these?
- Can that security breach at XYZ Company happen to us?
- Do our suppliers embrace our ethical culture and comply with laws and regulations?
- How quickly can we respond to natural disasters or other disruptions to the business?
- Do our employees understand the risks of using social media?
How can EY help?
EY has an integrated perspective on all aspects of organizational risk. We are the market leaders in internal audit and financial risk and controls, and we continue to expand our capabilities in other areas of risk, including governance, risk and compliance as well as enterprise risk management.
As the leading provider of internal audit services, we work closely with our clients of all sizes and across all sectors and bring our knowledge and experience to every engagement. We invest heavily in our people, methodology and technology in support of our commitment to quality. We innovate by utilizing tools and enablers such as embedded data analytics and controls optimization in our work to provide the most efficient and cost effective internal audits.
Let us help you build the internal controls and IA functions that enable you to manage your business growth with confidence.
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