What tools are available to help IA Fast4WARD?
Various functional groups and business units across the globe can now work together in real-time to identify and categorize an organization’s key risks and leverage on each other’s inputs to prioritize those risks and communicate solutions.
These are used to transcribe meetings and provide real-time insights. Chatbots that manage and answer queries are also available.
These come in the form of predictive data models, continuous analytics, and external risk indicators, among others. Results of the analytics are used during risk assessment to help define and refine the audit scope; during audit execution to identify trends, red flags and root cause; and during monitoring by updating and building new and relevant analytics that management can use.
This smart, big data technology visualizes real process flows in real time. It can be applied across the IA lifecycle end-to-end, and reveal bottlenecks and inefficiencies based on data generated in the organization.
Automated processes can extract insights from natural language processing and perform predictive analytics that leverage advanced algorithms and machine learning.
- Drones and augmented or virtual reality (AR or VR)
Some organizations use drones during inventory physical count in high risk and sensitive areas. AR or VR can also be used to simulate environments.
The growing “digital and data divide” between IA and the business within organizations will continue to challenge the relevance of IA and compliance functions. To support this journey, IA must strive toward a new, significantly enhanced IA value proposition, methodology, governance and people model, enabled by technology.
This model should be strengthened by real time data insights, continuous risk monitoring, and innovative communication of results. In the context of “agile” buzzwords and a plethora of new technology platforms to support it, such a framework can provide a concrete methodology which can support organizations in moving with, rather than against, the current of change toward a more adaptive and innovative IA function.
As businesses look to increase their agility in a post-COVID-19 world by accelerating their digital transformation, IA must move 4WARD to meet the more complex needs of its stakeholders and deliver value for organizations.
The authors would like to thank the following who also contributed to this article: Angelynn Mercado, Manager, Ernst & Young Advisory Pte Ltd; Madeleine Bowdern, Senior Consultant, Ernst & Young ABC Pty Limited; Brendan Clark, Senior Manager, Ernst & Young LLP; and Catherine Chua, Senior Manager, Ernst & Young Advisory Pte Ltd.