7 Ways Audit Can Add Value in a Shifting World

Ann M. Butera, CRP

business people discussing

The world has been irrevocably changed, and our jobs with it.

As we adjust, one thing can be expected: Everyone will be under pressure to create value while doing more with less.

What will this mean for internal auditors and risk management professionals? It means:

  • Reinventing the way we have always done things in our audit and methodology and in the way we interact with our constituents.
  • Accelerating and changing the way we develop our annual plan.
  • Sharpening our business acumen and process analysis because business workflows will need rapid, end-to-end transformation and organizational change will be constant instead of cyclical.
  • Increasing our agility and nimbleness to create value to our constituents daily.

Where to Start?

What got you here, won’t get you there

 —Marshall Goldsmith, author

Following are some actions you can take immediately to adjust to all the change we have sustained and continue to experience:

  • Don’t wait to be invited; inject you and your team members into the initiatives that are being conceptualized to transform and position your organization to survive under everchanging conditions.
  • Contribute in the areas that comprise your team’s expertise: data analytics, inherent risk assessment, control design and evaluation, identifying measurement criteria, and workflow simplification.
  • Shift from an assurance mentality to a pre-implementation review mentality to anticipate inherent risks in new products, markets, workflows, and applications.
  • Be innovative and think outside the box to create value for your constituents’ customers.
  • Work flexibly to aid process owners and business managers in coming up with risk management responses for new risks and unprecedented circumstances.
  • Rethink the time spent in traditional, waterfall assurance functions and move to a more real-time risk management advisory role.
  • Produce something of value daily for your constituents…. something they can use immediately to make sound business decisions.

Click here for a short video on adding value during planning.

Email us at [email protected] or call (516) 354-3551 to talk through your needs. We can work together to find what works best for you.

Ann M. Butera, MBA, CRP, is President of The Whole Person Project, Inc., an organizational development consulting and training firm, is a frequent conference speaker, and served as audit committee chair for a financial services firm.

Ann is the author of two work manuals: Mastering the Five Tiers of Audit Competency: The Essence of Effective Auditing and Say What?! How to Communicate with Tact and Impact. She shares best practices for every stage of the audit and how to say anything to anybody during a project. New and seasoned auditors will benefit from her insight culled from over 30 years’ experience in training thousands of their peers.

Please visit www.wholepersonproject.com for more information on her consulting and training services. She welcomes your reactions and questions and can be reached at [email protected].