Breakfast Symposium – Protiviti: Digitalization and IA
Digital advances, such as big data analytics, mobility and smart connected devices are radically changing not just business processes, but entire operations. Companies across industries are racing to migrate analog approaches to customer interactions, products, services and operating models to an automated, always-on, real-time and information-rich marketplace. For internal audit, this means that IT risk is no longer limited to the traditional audit focus areas, but now spans the breadth of a firm’s operations (including areas that may not have been featured prominently in internal audit’s annual audit plan). And as organizations store and process higher volumes of data in support of these automated routines, data governance remains critical.
Accordingly, internal audit departments need to consider the elevated risks this wave of digitization and automation may bring to day-to-day enterprise operations. As organizations embark on the digital transformation journey, it is incumbent upon the internal audit function to work with operational managers, risk managers, senior executives and the board to provide assurance that organizations continue to have the right controls, data governance, and compliance practices in place. In some cases, the internal audit function may serve a valuable role in educating stakeholders about the nuances of digitalization and the associated risks.
Is your internal audit team ready for the digital transformation? In this session, we will address the following:
- What is digitalization?
- What risks are associated with digitalization?
- What can internal audit do to help its organization analyze and monitor the associated risks?