Atlantix Partners ’s Post

As with any industry changes, as important as it is to understand them, it’s also imperative to have a pov on how to adhere to them and communicate your plans with your stakeholders. That’s what we do here. #BusinessTransformation #RiskManagement #DataAnalytics #Compliance #IIAStandards

🌐 Today, let's dive into the world of internal audit and explore the significance of a robust governance structure. 🏛️ Here's why it matters: 1️⃣ Ensuring Independence and Objectivity: An effective governance structure establishes the independence and objectivity of the internal audit function. By providing a clear reporting line to the board or audit committee, it safeguards against undue influence, enabling auditors to deliver unbiased and impartial assessments. 2️⃣ Defining Roles and Responsibilities: A well-defined governance structure clarifies the roles and responsibilities of key stakeholders, including the board, audit committee, management, and internal auditors. It fosters accountability, ensuring that everyone understands their obligations and contributes to a strong internal control environment. 3️⃣ Strategic Alignment: The governance structure aligns the internal audit function with the organization's strategic objectives. By integrating audit activities with the overall risk management framework, it ensures that audits focus on critical areas and contribute to achieving business goals. 4️⃣ Risk Management Oversight: An effective governance structure provides oversight of the risk management process. It enables internal auditors to assess risk management practices, identify gaps, and recommend improvements, enhancing the organization's ability to proactively manage risks. 5️⃣ Continuous Improvement: A robust governance structure promotes a culture of continuous improvement within the internal audit function. It encourages regular assessments of audit methodologies, quality assurance processes, and professional development, enabling auditors to stay current and deliver value-added services. 🚀 In summary, a well-designed internal audit governance structure is the backbone of a successful audit function. It ensures independence, defines roles, aligns with strategy, oversees risk management, and drives continuous improvement.🌟 #InternalAudit #GovernanceStructure #RiskManagement #Accountability #ContinuousImprovement #auditexcellence

🚨Internal Audit - The Unsung Hero of Risk Management 🚨 In the world of business, risk is inevitable. It's like the weather – you can't control it, but you can prepare for it. This is where internal audit comes in. Internal audit is the unsung hero of risk management. It provides independent assurance that an organization's risk management, governance, and internal control processes are operating effectively. But it's more than just a compliance function. Internal audit helps organizations to identify and prioritize their risks, and develop strategies to manage them. Internal auditors are like detectives, uncovering the hidden risks that lurk beneath the surface of the business. They dive deep into the organization's processes and systems, looking for weaknesses and vulnerabilities that could be exploited. And when they find those risks, they don't just point them out and walk away. They work with the business to develop practical solutions that will strengthen the organization and protect it from harm. In a world that is becoming increasingly complex and interconnected, the role of internal audit is more important than ever. Businesses need to be agile and resilient in the face of constant change and uncertainty, and internal audit is a key part of building that capability. So, the next time you think about risk management, don't forget about the unsung hero in the background – internal audit. They may not always be in the spotlight, but they are always working behind the scenes to keep the organization safe. Do you agree? Let me know your thoughts in the comments! 💡 #Deloitte #InternalAudit #RiskAdvisory #EnterpriseRiskManagement

Title: Shifting Perspectives - The True Purpose of Internal Audit and Control Functions   "Let Me Go and Catch a Thief." The phrase "let me go and catch a thief" often resonates within the internal audit and control function, encapsulating a common misconception of the role. While catching wrongdoing certainly falls within the purview of audit and control, it's essential to recognize that our mandate extends far beyond simply apprehending offenders. Let us take a look at the broader scope and true purpose of internal audit and control functions, highlighting their pivotal role in organizational integrity, risk management, and value creation. 1.       Upholding organizational integrity: Internal audit and control functions serve as guardians of organizational integrity, ensuring adherence to ethical standards, regulatory requirements, and corporate policies. By conducting regular reviews and assessments, they identify discrepancies, inefficiencies, and potential areas of misconduct, thereby safeguarding the organization's reputation and integrity. 2.     Facilitating Risk Management: Beyond catching thieves, internal audit and control functions play a critical role in risk management. They assess and mitigate various risks, including financial, operational, and compliance risks, to protect the organization from potential harm. Through risk-based audits and control assessments, they help management understand and navigate risks effectively, fostering a culture of proactive risk management rather than reactive crisis response.   3.     Adding Value Through Assurance and Advisory Services: Internal audit and control functions provide assurance to management and stakeholders by independently evaluating the effectiveness of internal controls, governance processes, and risk management practices. Moreover, they offer advisory services aimed at enhancing operational efficiency, strengthening internal controls, and optimizing processes, thereby adding tangible value to the organization beyond the mere detection of wrongdoing.   4.     Fostering continuous improvement: Recognizing that perfection is elusive, internal audit and control functions advocate for continuous improvement within the organization. They identify areas for enhancement through constructive feedback, best practices, and benchmarking against industry standards. By promoting a culture of learning, adaptation, and innovation, they help the organization evolve and thrive in an ever-changing business landscape.   Conclusion: The phrase "let me go and catch a thief" encapsulates only a fraction of the multifaceted role played by internal audit and control functions. Internal audit and control functions go beyond catching thieves. They add value through assurance, advisory services, and continuous improvement. Embracing a broader perspective ensures their effectiveness in contributing to organizational success. #Internalcontrol #Internalaudit #Riskmanagement #Compliance

Why Internal Audit must tread carefully when providing consultancy      Internal Audit’s role, among other things, is to provide consultancy that adds value and improves an organisation’s operations. However, it is important to avoid potential conflicts of interest by becoming too close to the risk management function. Our latest blog discusses the value provided by Internal Audit consulting including: -Tools and techniques to analyse risks and controls -Supporting risk management with expertise -Providing advice -Development of a common language to help embed risk culture  -Advising managers on the best way to mitigate risks Read more here: https://lnkd.in/d789sNSz For more information about how RiskLogix can help your organisation to empower your GRC processes and maintain the all important independent assurance to the board, management and other stakeholders, contact us today:  sales@risklogix-solutions.com #GRC #RiskManagement #ORM #ERM #OperationalRiskSoftware #InternalAudit #3LOD #IndependentAssurance

Why Internal Audit must tread carefully when providing consultancy      Internal Audit’s role, among other things, is to provide consultancy that adds value and improves an organisation’s operations. However, it is important to avoid potential conflicts of interest by becoming too close to the risk management function. Our latest blog discusses the value provided by Internal Audit consulting including: -Tools and techniques to analyse risks and controls -Supporting risk management with expertise -Providing advice -Development of a common language to help embed risk culture  -Advising managers on the best way to mitigate risks Read more here: https://lnkd.in/dSP-iwjs For more information about how RiskLogix can help your organisation to empower your GRC processes and maintain the all important independent assurance to the board, management and other stakeholders, contact us today: sales@risklogix-solutions.com #GRC #RiskManagement #ORM #ERM #OperationalRiskSoftware #InternalAudit #3LOD #IndependentAssurance

Hot take Monday on the revised UK Corporate Governance Code 2024, and what it means for Internal Audit. 🔗 Linking Governance & Internal Audit: A Transformative Duo The 2024 edition of the UK Corporate Governance Code emphasizes a more dynamic and stakeholder-oriented approach, emphasizing the critical role of effective Internal Audit within organizations. The symbiotic relationship between governance and internal audit is becoming more evident, fostering transparency, accountability, and trust. 🔄 Elevating Internal Audit Functions One of the notable changes revolves around the enhanced expectations for Internal Audit functions. Organizations are urged to ensure that their Internal Audit teams possess the necessary skills and independence to deliver robust assessments. This aligns with the broader goal of fortifying risk management and internal control frameworks. 📈 Focus on Risk Management & Resilience The revised code places a heightened emphasis on risk management, urging companies to integrate risk considerations into their strategic decision-making processes. Internal Audit teams will play a pivotal role in identifying, assessing, and mitigating risks, thereby contributing significantly to the organization's overall resilience. 🤝 Stakeholder Engagement & Communication Furthermore, the revised code stresses the importance of effective stakeholder engagement. Internal Audit functions are encouraged to actively communicate with stakeholders, providing them with meaningful insights into governance, risk management, and internal control processes. This not only ensures compliance but also fosters a culture of openness and collaboration. 🔓 Unlocking Innovation & Technology In the era of rapid technological advancements, the revised code acknowledges the need for organizations to embrace innovation. Internal Audit functions are encouraged to leverage technology to enhance efficiency, identify emerging risks, and facilitate data-driven decision-making processes. 💡 Conclusion: A New Era for Internal Audit The 2024 Code paves the way for a more agile, proactive, and collaborative approach to Internal Audit. It's an exciting era for professionals in this space as we continue to elevate our roles in driving organizational success. #CorporateGovernance #InternalAudit #UKCode2024 #RiskManagement #Innovation #StakeholderEngagement #BusinessResilience #ProfessionalDevelopment

🔍 Exploring the Nuances: Traditional Internal Audit vs. Risk-Based Internal Audit 🔍 In the realm of internal audit, two distinct approaches stand out: Traditional Internal Audit and Risk-Based Internal Audit. Understanding the nuances between the two is crucial for organizations striving for robust risk management practices. 🎯 Purpose: Traditional Internal Audit primarily focuses on ensuring compliance with policies and procedures, while Risk-Based Internal Audit hones in on identifying and assessing risks to organizational objectives. 🔍 Approach: While traditional audit often follows predetermined checklists, risk-based audit prioritizes audits based on the level of risk to the organization, emphasizing areas with higher risk exposure. 🔭 Scope: Traditional audits may cover a broad range of areas including financial controls and operational processes, whereas risk-based audits target areas with the greatest risk exposure, tailored to specific organizational contexts. 📊 Reporting: Traditional audits typically provide findings related to adherence to policies, while risk-based audits offer insights into the effectiveness of risk management processes and controls, alongside recommendations for mitigating identified risks. In today’s dynamic business landscape, embracing a risk-based approach to internal audit empowers organizations to proactively manage risks, safeguard assets, and optimize performance. Let’s navigate the audit landscape with clarity and purpose, ensuring resilience and success in an ever-evolving world. #InternalAudit #RiskManagement #BusinessStrategy 💼🔒📈

We hope you can join us for a RGP Virtual CPE Event on Internal Controls on January 30th. Kick off the new year with a lively roundtable discussion about the burning topics and challenges you may face in 2024. Gather with other finance and IT industry leaders to share ideas, compare notes, and prepare for the evolving environment surrounding internal audit and controls. This interactive 90-minute session will include brief presentations on issues you’ve asked us to cover, including: · Why Projects Fail: Examine the root causes of pervasive program and project failure and explore ways to successfully execute mission-critical projects across the enterprise portfolio. Presenter: James Giustini, RGP Global Head of Business Strategy & Transformation Services · Journey to Strategic Enterprise Risk Management: Get an overview of risk management and mitigation, from identifying financial and enterprise risks to developing a mature enterprise risk management process that achieves corporate objectives and meets board expectations. Presenters: Alisanne Allen, MBA, CIA, CFE, CRMA, and Augustine Doe, JD-MBA · The Road to Digital Transformation: See how human-centered design — which prioritizes end-user needs, behaviors, and preferences — drives user acceptance and adoption of digital transformation for internal controls. Presenter: Terry Peters, Strategy Director, Veracity Consulting Group · Other top-of-mind topics: Let us know what you’d like to discuss when you sign up for the event! (We’ll cover as many as possible and save the rest for future roundtables.) Register now to save your seat! https://lnkd.in/gwF7v9H6 * CPE Details This will be a virtual seminar. There are no prerequisites, and advanced preparation is not required. Participants who successfully complete this program will be eligible to receive up to one and a half hours. (1.5) CPE credits in the Field of Study: Auditing

Interesting read. Especially when looking at risks in self assessment and audits role in this area. Scrutiny should take place regularly from internal and external sources imho