As we saw during the supply-chain disruptions that occurred during and directly following the COVID-19 pandemic, procurement is a critical and fundamental component for just about any organization. A well-managed procurement function can move an organization toward success, while a mismanaged one has the potential to cause its downfall. It Read More
From supply chain disruptions to cybercrime; from environmental concerns to labor shortages, the list of challenges confronting most companies has evolved quickly and dramatically over the past few years and even months. Such speedy developments are expanding the types of risks many internal audit departments must identify and assess. Given Read More
Internal audit and risk professionals know the frustration of witnessing hundreds of millions of dollars invested in projects, only to see many fall short of their intended business outcomes. According to research from Bent Flyvbjerg, a professor at Said Business School of Oxford University, only 8.5 percent of the 16,000 Read More
The internal audit profession has come a long way from when I entered it four decades ago. In the 1980s, a time before PCs, canned audit programs were common, as were manual confirmations, “nth item” samples from green bar dot matrix printed computer paper, and huge folders of workpapers secured Read More
In today’s business environment, where risks continuously evolve and market dynamics constantly fluctuate, effective risk management is critical for financial institutions striving for stability and growth. Amidst such a challenging atmosphere, business intelligence (BI) tools have emerged as indispensable assets, revolutionizing the way risk analytics is conducted in the financial Read More
Internal auditors are in high demand these days. Recruiters and competitors are looking to snatch high-quality talent with the right set of skills and backgrounds. Management understands the value talented internal auditor hires can provide to help them make good and timely decisions, mitigate risks, and meet strategic objectives. That Read More
Still locking into an annual audit plan? Stop. Risks move too quick to be addressing last year’s concerns as many as six, ten, or more months after the fact. Would you plan your whole week’s wardrobe based on the weather report at the start of the week and not waiver Read More
Ever since artificial intelligence burst onto the scene and particularly over the past several months, just about every organization has been grappling with complex questions about how to safely harness the power of AI, while avoiding or mitigating the risks and dangers that come with this massively powerful technology. Internal Read More
How can internal auditors look for fraud and assess fraud risks while remaining trusted advisors to their audit clients and management? The question is gaining renewed attention, in part because both the new Global Internal Audit Standards from the Institute of Internal Auditors (IIA) and the proposed standards from the Read More
It’s been more than a year since generative artificial intelligence (GenAI) burst onto the scene with mainstream appeal. These new tools have been presented by some as an unstoppable force, upending industries and changing the way people work. Generative AI can have an immense upside for organizations across many corporate Read More
