The purpose of internal audit is to provide assurance to an organization’s board members and managers on the effectiveness and efficiency of risk procedures and practices and general business operations. This includes assessing all the elements of the institution’s risk management architecture.
The internal audit function often has the final word in setting frameworks and procedural mandates for governance, risk, and compliance (GRC) processes. Given their objectivity and independence, audit teams are uniquely placed to provide leadership and increase operational efficiency and agility.
An agile internal audit program positions your organization to:
There is no single framework for designing maturity in GRC processes, but implementing an integrated technology solution equips organizations to build greater transparency and contextual awareness of emerging risks across business functions.
Managing risk in isolation or with disparate tools and processes is ineffective in enabling agile audit and risk management processes that align with the broader organizational strategy. However, approaching emerging risks as an integrated, cross-functional effort offers a holistic perspective of risks and potential impacts.
Breaking down isolated processes and data silos allows for greater clarity, coordination, and consistency — putting your organization in a better position to identify and manage emerging risks, meet strategic objectives, and monitor performance.