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How EY can Help
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Modular, flexible and intuitive digital platform revolutionizing the way internal audit and control testing is performed, allowing focus on risks that matter.
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1. Wise and risk-conscious
If we were to go back in time to 2010, we would see many organizations were crafting and announcing their “vision 2020.” These mission statements mostly spoke to providing clarity on where the company was heading, and were supported by operational or revenue goals and well-defined but complex roadmaps. IA functions followed suit and created nested strategic visions with digital roadmaps that defined how teams would develop their skillsets and analytics programs to provide the business with better and deeper insights.
It’s safe to say that few organizations’ vision 2020 accounted for the risk of a global pandemic, historic weather changes, political and social unrest across the world. Ultimately, 2020 was the year that proved the importance of IA being adaptable, with a risk appetite that allowed for more innovative audit approaches.
For IA teams today, wisdom means blending perspective and experience with facts and data – and doing so on a continuous basis. Being wise and risk-based transcends the traditional definition of what is often referred to as providing “insights to the business” and streamlines how functions can operate.
According to the EY Global Internal Audit Survey published in December 2020, over 60% of internal audit functions still perform a risk assessment on an annual basis. For internal audit to improve how it identifies and responds to risks, it requires the right methodology and tools to enable agility. This approach goes beyond just increasing the frequency of when risk assessments are performed or including additional data points for analysis to changing how we understand risks and management’s preparedness.