cost optimization in finance; Next-Gen IA

The Time Is Right for Internal Audit to Focus on Business Resilience

Andrew Struthers-Kennedy, Managing Director Global Practice Lead, Internal Audit and Financial Advisory

Businesses globally are on a path of continuous change as the pandemic and other significant occurrences — such as social and political unrest, natural disasters, and catastrophic events — cause extensive disruptions to the way people work and to how enterprises operate. At the same time, the pace of business and digital transformation has increased at record speeds, requiring organizations to adapt rapidly and innovate frequently. Digital capability and maturity, once an advantage point for competitiveness, is now a key aspect of business resilience.

While crises cause upheaval in business and economic performance, they also create opportunities for many professions, including internal auditing, to help their organizations rebound and emerge renewed and strengthened. This is causing a fundamental shift in internal audit’s mindset and mission.

Now is the time for internal auditors to think and act boldly about the skills, tools, methodologies and approaches needed to help their organizations manage known and unknown risks. Internal auditors have the knowledge, experience and tools to rise to the occasion and enhance the profession and value they can deliver to and for their organizations.

Are We Ready? It’s Time for Internal Audit to Focus on Resilience Amid Extreme Change, Protiviti’s white paper in collaboration with The Institute of Internal Auditors’ (IIA) Internal Audit Foundation, discusses why the internal audit function is well positioned to assess resiliency risk in the face of recent extreme change and help embed resilience in organizations.

Internal audit leaders have every reason to be enthusiastic; the opportunities and expectations for the profession have arguably never been higher. Internal audit professionals are looking to build skills, deepen relationships and further establish themselves as highly regarded and embedded business advisers. The future can be intimidating, but it also is exciting and rewarding to be a leading partner in an environment of constant and rapid change.

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