"You can’t stop the waves, but you can learn to surf." – Jon Kabat-Zinn, Ph.D., Scientist, Writer, Author and Meditation Teacher
The digital era continues to bring constant waves of disruptive change. Even companies that embrace the change can feel like they’re caught in powerful currents, unable to control their vessel properly or orient themselves in the right direction. They’re under pressure to adapt to change, invite it through transformation and drive it through innovation.
For working companies to become next-generation businesses, the churn of change must run deep inside their organization and key functions. Everything, including internal audit, must be more than just a digital or transformation veneer. Meeting the expectation to transform, innovate and become more future-focused is not easy for a function that has been tasked with looking backward, confirming that controls are in place and working for so long. They’ve also had to assess why and outline a plan for remediation if they aren’t in place.
This means rethinking how internal audit teams perform their work. How can they adopt more agile practices and engage the business earlier in the audit process? How can they become more data and technology enabled to deliver on their objective to provide effective risk management more efficiently to the greatest extent possible? How can they shift from being a risk and change-averse function to becoming a center for innovation in the company to help the business transform? Answering those questions requires balancing new internal audit models with the right technology, resources, methodologies, governance and infrastructure to create value.
The organizations profiled in the latest edition represent a cross section of countries and industries that include Accenture, Anixter, Brinks Home Security, Capital One, Country Road, Deutsche Telekom, DriveTime, Fidelity, Jardine, NTT, Occidental Petroleum, Synchrony and Zain Group.
The new edition of Internal Auditing Around the World asks how internal audit teams can adopt more agile practices, engage the business earlier in the audit process and become more data and technology enabled to provide effective risk management more efficiently and predictively. Sixteen organizations were interviewed and their experiences dealing with these questions are presented as case studies in the book.