How do you turn real-time insights into long-term value?
Helping internal audit teams drive better results from Key Performance Indicators.
The Kraft Heinz Company is a global leader in the food and beverage industry, with sales of $25B in 2019. In the past, the organization’s internal audit focused on executing audits spanning operational, financial, and compliance risks. However, with the organization experiencing rapid change and a mandate for the internal audit team to act as trusted risk advisors, there was an opportunity to use data in a more in-depth and forward-thinking way – not only to continue providing assurances over key business processes but to enhance insights and risk coverage.
It’s standard practice for management teams to use key performance indicators (KPIs) to address business objectives. However, it can be difficult to analyze just how effective business processes are being executed in relation to company objectives. A new leading practice is to understand key risk indicators (KRIs) to ensure risks are adequately mitigated in order to achieve results for the business.
Kraft Heinz Global Internal Audit (GIA) engaged EY to transform their internal audit data risk analytics program in order to mine better risk insights from more real-time data. EY Risk Navigator is an SAP-powered platform built by EY. It combines SAP solutions and technology with EY intellectual property to help companies continuously monitor and manage risk.
Together we leveraged EY Risk Navigator as the basis for building risk analytics capabilities within Kraft Heinz. Now, the Kraft Heinz internal audit function can leverage real-time analytics to create a more efficient audit process, as well as delivering enhanced risk coverage and value.
“Our first goal was to create a more efficient and risk-based internal audit process by enabling the KH GIA team to have access to real-time risk analytics. But we also wanted to find ways for the organization to leverage these risk analytics to better mitigate risk and enhance standardization of business processes,” explains Mike Rambasek, Partner, Business Consulting, Ernst & Young LLP.