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Demystifying the Audit Committee: What Internal Auditors Need to Know
For many internal auditors, the audit committee can often seem elusive. While internal audit teams diligently prepare reports and materials for this important subgroup of the board of directors, what happens behind the closed doors
Rolling Risk Assessments: A Key to Navigating Today’s Dynamic Business Environment
Where technological advancements and market conditions can shift in an instant, the ability to manage risks proactively is more crucial than ever. Traditionally, organizations conducted risk assessments on an annual or semi-annual basis. However, with
How to Measure and Drive Performance in Internal Audit: Key Metrics and Best Practices
As the saying goes, “You can’t manage what you don’t measure.” This well-known quote, often attributed to management expert Peter Drucker, holds true across most business functions, including internal audit. To optimize performance, internal audit
The Future of Internal Audit: Navigating Unprecedented Change
Internal audit has undergone significant transformation over the past few years. At the beginning of 2020, few would have predicted the global events that have reshaped businesses worldwide: a pandemic that disrupted nearly every industry,
The Evolution of Internal Audit: The Chartered IIA’s New Code of Practice Sets Higher Standards for Corporate Governance
Where the global risk landscape is growing ever more complex, organizations face mounting pressures to manage risks effectively and uphold corporate governance. In response to these challenges, the Chartered Institute of Internal Auditors (Chartered IIA)
Understanding Inherent and Residual Risk in Enterprise Risk Management
The job of a risk assessor is analogous to that of a panel of judges, tasked with evaluating the institution’s risk exposure by analyzing two fundamental forms of risk: inherent risk and residual risk. These
The Impact of Optimism Bias in Risk Assessments: Understanding and Mitigating Its Effects
Risk assessments are fundamental to any organization’s strategic planning and decision-making processes. They help identify, evaluate, and prioritize potential threats and challenges that could impact operations, finances, and overall goals. However, the accuracy and effectiveness
The Importance of Setting Strategic Objectives and Monitoring Risk in Financial Institutions
In the dynamic world of financial institutions (FIs), strategic decision-making is crucial for achieving growth and maintaining stability. Yet, it is not uncommon to witness a new management team eager to make an impact, opting
Understanding the Expanding Role of Internal Audit in the Age of Generative AI
The rapid growth and adoption of generative AI (GenAI) technologies have sparked a race among organizations to strengthen internal audit coverage over the potential risks associated with these advancements. A recent survey conducted by Gartner
Navigating the Risks and Opportunities of AI in Internal Audit
The rapid proliferation of artificial intelligence (AI) technology has presented organizations with both unprecedented opportunities and significant challenges. While AI has the potential to enhance operational efficiency and drive innovation, it also brings a host
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