EY - Helping IA keep pace with a volatile risk landscape

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Helping IA keep pace with a volatile risk landscape

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Today, change is coming faster than ever before — and there’s more of it.

Organizations around the world aren’t working to get ahead of the curve. They’re struggling to keep up — and often not succeeding.

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 IA function that successfully adapts to today’s rapidly changing world will become a trusted advisor to an organization poised for growth.

To start, 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.

EY chart – 7 IA risks that matter

IA needs to adopt a broad, balanced approach. It needs to identify and focus on the risks that matter. Here are seven areas that are not only top of mind for stakeholders, but also deal with key processes that, if not controlled properly, could have a significant negative impact on your organization:

  • Social media
  • Mobile computing
  • Cloud computing
  • Cybersecurity
  • Third-party risk management
  • Anti-corruption
  • Business continuity management

Our full report presents the context for each of these topics, discusses audits that make an impact and presents questions for the organization to consider, along with suggestions for further reading.

Keep pace - take action

As its mandate expands, IA needs to conduct multiple balancing acts simultaneously. 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?

If you’re unprepared to answer any of these questions, contact us today.