Executives rely on auditors for a comprehensive understanding of potential risk exposure. Departments across the organization rely on them for insights into threats and vulnerabilities, as well as plans for remediating issues and mitigating risk. Such heightened expectations require a shift in how auditors get their job done: a move from traditional “check-the-box” evaluations to a more value-driven, risk-based approach.
Internal audit teams are navigating a shift in how they operate as well. To determine where to allocate resources and prioritize activities, it is no longer enough to look backward and evaluate past efficiencies. Today’s audit teams must also look forward for opportunities to enhance revenue and achieve cost savings.
In short, the pressure is on to deliver timely, data-driven and actionable insights, up to leadership and across the enterprise, while keeping pace with constantly evolving standards, regulations and governance, risk and compliance (GRC) best practices — and to do it all efficiently and effectively.
Two big obstacles stand in the way.