The Institute of Internal Auditors has announced that Terry Grafenstine will serve as the new Chair of its global board of directors for the next two years. The IIA announced the news following its annual business meeting and 2024 International Conference, held in Washington, DC this week.
Grafenstine has more than 25 years of experience in leadership positions spanning internal audit and information technology roles, notably serving as the Inspector General of the U.S. House of Representatives from 2009 to 2017, where she oversaw audit, advisory, and investigative services.
She currently serves as the chief audit executive at Pentagon Federal Credit Union, where she is responsible for leading internal audit teams covering all aspects of operations. Previously she led internal audit teams spanning over 150 countries as Citi’s global chief auditor for operations and technology. Earlier in her career, she served as a managing director in Deloitte’s Risk and Financial Advisory practice.
Prior to becoming Chair, Grafenstine served on both the IIA’s North American and global boards of directors. She was named one of the IIA’s “Top Ten Audit Thought Leaders of the Decade” and was also inducted into the IIA’s Hall of Distinguished Audit Practitioners. In addition to her work with the IIA, she served as the ISACA’s global hhair from 2017 to 2018 and was also a member of the AICPA board of directors.
“Terry takes the reigns as Global Chair at an incredibly exciting time for The IIA,” said Anthony Pugliese, president and CEO of the IIA. “This week, we unveiled our Vision 2035 Report, which revealed the need for the internal audit profession to rapidly embrace technological change to both stay ahead of potential risks and transform our own ways of working. Terry has spent the bulk of her career serving in leadership positions in technology infrastructure and cybersecurity and is exceptionally well-positioned to lead The IIA into the future.”
Focus on Technology and Risk Management
Grafenstine’s platform as chair will encourage internal audit practitioners to dig deeper into the nuances of how organizations today operate and the potential risks they face to proactively tackle complex issues. It will place a particular emphasis on technology and the important questions internal auditors need to address to stay ahead of the risks brought forth by technological change.
The evolution of cybersecurity will be central to Grafenstine’s platform, which will focus on how internal audit functions can enhance their skills to proactively address concerns related to cyber governance, risk management, and access controls. Her platform will also explore the rise of artificial intelligence, and in particular, how practitioners can stay ahead of the potential risks posed by AI and ensure organizations remain compliant with developing regulations.
“At the heart of every successful internal auditor is the ability and desire to ask the right questions – ones that allow the audit function to establish a comprehensive understanding of the risk landscape and develop internal controls which manage potential risk ahead of time,” said Grafenstine. “Over the next year, I look forward to working with The IIA staff and our members to ensure that internal audit functions around the world have the tools and educational resources they need to successfully investigate the most pressing concerns facing organizations today and increase the value they provide to stakeholders.” 