Business
Published by Gbaf News
Posted on July 11, 2018
Global Banking and Finance Review
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Published by Gbaf News
Posted on July 11, 2018
MetricStream’s latest survey on the state of internal audit finds auditors focused on delivering timely insights on key risks, aligning audit planning with business strategy, and improving audit processes and operational effectiveness
As part of its ongoing efforts in understanding industry trends, MetricStream Research announced today the findings of its latest survey, State of Internal Audit 2018 – Impact and Opportunities.
The survey evaluated 600 organisations from 15 industries across the globe to understand internal audit management challenges, priorities, programme structures, and technologies used.
Key findings
Internal audit’s focus is on building risk awareness and aligning with business strategy
Respondents reported that their top audit priorities for 2018 are to provide timely insights on key risks, align audit planning with business strategy, and improve audit processes and operational effectiveness. However, their top challenges lie in adding value to the business and aligning audit processes to changes in the business organisation.
Auditors want technology solutions for real-time data access and detailed analysis and presentation
As boards and executive management teams demand deeper insights into risks, internal auditors are looking to leverage more analytics and other emerging technologies. 77% of the respondents reported an interest in data querying and analysis tools, 75% in continuous control monitoring tools, 60% in data visualisation capabilities, and 58% in modeling and predictive analysis tools.
Enterprise risk management (ERM) is not yet pervasive
Only 50% of the respondents reported having a dedicated ERM team and programme. Of the remaining respondents, 25% indicated not having an ERM programme at all, which could be a significant cause for concern. Meanwhile, 25% reported that their organisations’ ERM programme is maintained by their internal audit team.
Other key findings:
“Today’s internal auditors have a new mandate to go beyond traditional assurance, and to deliver strategic, forward-looking, actionable risk insights that can help the business perform with integrity,” said French Caldwell, Chief Evangelist, MetricStream. “Rising to this new demand will require internal auditors to upskill, improve agility and cross-functional collaboration, and leverage technologies like predictive analytics and continuous monitoring tools. It’s a significant shift in role and outlook, but it’s also an opportunity for internal audit to create new impact and value for the business.”
To access the MetricStream Research report, click here.
MetricStream’s latest survey on the state of internal audit finds auditors focused on delivering timely insights on key risks, aligning audit planning with business strategy, and improving audit processes and operational effectiveness
As part of its ongoing efforts in understanding industry trends, MetricStream Research announced today the findings of its latest survey, State of Internal Audit 2018 – Impact and Opportunities.
The survey evaluated 600 organisations from 15 industries across the globe to understand internal audit management challenges, priorities, programme structures, and technologies used.
Key findings
Internal audit’s focus is on building risk awareness and aligning with business strategy
Respondents reported that their top audit priorities for 2018 are to provide timely insights on key risks, align audit planning with business strategy, and improve audit processes and operational effectiveness. However, their top challenges lie in adding value to the business and aligning audit processes to changes in the business organisation.
Auditors want technology solutions for real-time data access and detailed analysis and presentation
As boards and executive management teams demand deeper insights into risks, internal auditors are looking to leverage more analytics and other emerging technologies. 77% of the respondents reported an interest in data querying and analysis tools, 75% in continuous control monitoring tools, 60% in data visualisation capabilities, and 58% in modeling and predictive analysis tools.
Enterprise risk management (ERM) is not yet pervasive
Only 50% of the respondents reported having a dedicated ERM team and programme. Of the remaining respondents, 25% indicated not having an ERM programme at all, which could be a significant cause for concern. Meanwhile, 25% reported that their organisations’ ERM programme is maintained by their internal audit team.
Other key findings:
“Today’s internal auditors have a new mandate to go beyond traditional assurance, and to deliver strategic, forward-looking, actionable risk insights that can help the business perform with integrity,” said French Caldwell, Chief Evangelist, MetricStream. “Rising to this new demand will require internal auditors to upskill, improve agility and cross-functional collaboration, and leverage technologies like predictive analytics and continuous monitoring tools. It’s a significant shift in role and outlook, but it’s also an opportunity for internal audit to create new impact and value for the business.”
To access the MetricStream Research report, click here.