Senior internal audit executives reveal challenges and opportunities as they support business through digital transformation
MENLO PARK, CA – May 23, 2018 – In the 14th edition of "Internal Auditing Around the World®" global consulting firm Protiviti brings out the insights of internal audit leaders about their digital initiatives across a mix of industries globally. The new publication highlights their achievements in either undergoing digital transformation themselves or assisting their companies as they seek to understand, prioritize and manage the risk of disruption. As companies introduce digital initiatives such as data analytics or robotic process automation, boards and senior executives are relying on their internal audit team to assess associated risks and keep pace with competitors and potential disruptors.
The organizations profiled in the latest edition, subtitled “Taking on Digital,” represent a cross-section of countries and industries and include Accenture, Conservas La Costeña, HEINEKEN, JP Morgan Chase (JPMC), Juniper Network and Panera Bread, among others.
“Companies understand that they need to take up digital transformation initiatives to remain competitive, but their three major obstacles are lack of momentum, fear of change and absence of focus,” said Brian Christensen, executive vice president, Global Internal Audit, Protiviti. “The processes and business models that traditionally helped companies excel are now actually holding them back in the face of disruption. Competitors who were ‘born digital’ are simply faster and more agile.”
Protiviti found there are four key areas to driving digital disruption: (1) improving quality of customer engagement; (2) digitizing a product or service to disrupt an existing business model; (3) incorporating real-time data to make better decisions; and (4) improving operational performance. Organizations will often take up multiple initiatives to cut across some, or all, of these areas concurrently.
“By nature of the role, internal auditors have an enterprise-wide perspective that makes them uniquely suited to help management and the board review and assess digital initiatives and their associated risks and opportunities,” said Christensen. “Digital transformation is presenting the internal audit function with a golden opportunity to become a true strategic partner to the business.”
To download a complimentary copy and view past editions of “Internal Auditing Around the World,” please visit www.protiviti.com/iaworld.