Expert internal audit leaders available to help you maximize the value provided to your stakeholders
As the third line of defense, Internal Audit plays a critical role in providing an organization’s Board of Directors with an independent perspective of the effectiveness of management’s control environment.
In today’s dynamic risk environment, internal audit departments must re-evaluate the methods by which they obtain this independent perspective. With readily available emerging technologies such as automation and artificial intelligence (AI), as well as an increase in use cases provided by data analytics, internal audit departments must assess their current-state capabilities and determine if their audit methodology remains relevant in today’s digital world. Transformational, forward-looking Internal Audit departments will see their stature rise within their organization and develop stronger partnerships with their stakeholders as they demonstrate the value and insights that they can provide by providing services beyond traditional assurance engagements.
To remain relevant, internal audit departments must perform an honest assessment of the value they provide to their stakeholders. Additionally, as departments are being asked to do more with less, internal audit should evaluate how they are leveraging new technologies to introduce efficiencies in their department’s operations. Malcom Risk Advisors provides you with access to industry-recognized, forward-thinking audit executives with extensive experience in helping internal audit departments define and execute transformation efforts.
Next-Gen Internal Audit
Our experts partner with you to provide an end-to-end review of your department’s operations, identifying opportunities to introduce efficiencies through the use of technology, data analytics and other proven best practices. Examples of these opportunities may include quantifying your risk assessment process, expanding your use of data analytics, implementing continuous auditing capabilities, and enhancing stakeholder reporting. Our goal is to help you transform your internal audit department from being viewed as a cost center that simply provides checklist-based assessments to a department that is viewed as a strategic partner to the business that serves as a source for previously unknown business insights.
Developing an updated internal audit strategy and transformation road map
Introducing and maturing data analytics capabilities to enable you to pivot from conducting point in time audits to providing on-going assurance through the use of continuous auditing
Providing proven Generative AI use cases that introduce efficiencies throughout the audit lifecycle.
Identifying additional services your department can offer your stakeholders to generate additional insights and maximize the value provided to your organization, changing the perception of internal audit to enable it to be viewed as a business partner and trusted advisor.
Utilizing Data-Driven Insights
Traditional risk assessments are performed annually and typically rely on qualitative data captured from interviews with management when creating the annual audit plan. In today’s dynamic risk environment, these annual assessments can no longer adequately define a true risk-based audit plan. Our data-driven methodology enables you to transition to a real-time, quantitative risk assessment process, which provides you with insights that enable you to actively determine if changes in risk warrant a change in your audit plan.
Transition from performing annual risk assessments to monitoring risk in near real-time risk
Leverage quantitative, qualitative, and external factors to define your audit plan
Make real-time updates to your audit plan based on changes observed within the risk environment.
Leverage our internal audit experts to demonstrate the art of the possible to you.
Contact us now to partner with former Chief Audit Executives and other seasoned financial, operational, IT, and data analytics audit professionals that have led internal audit transformation programs at multiple global organizations and possess the hands-on technical experience needed to help bring your transformation plans to life.