Venture into the Realm of Innovative Business Auditors
In the rapidly evolving digital landscape, Germany is witnessing a surge in companies developing new data bot environments. These innovators hail from specialized data intelligence firms and digital marketing agencies, aiming to revolutionize the way businesses operate. However, specific prominent entrepreneurs or startups in this precise niche have yet to be explicitly identified.
The transformation of the audit, risk, and compliance professions is driven by the mandate for innovation and progress, which can be broken down into three main aspects. The first is embracing the shift to a "data-driven" approach, but the crucial second step is actually implementing this change.
Texas Instruments, a pioneer in this revolution, has been at the forefront of this transformation. Laura Biland, who leads the data analytics efforts at Texas Instruments, has systematically developed their capabilities and innovated around how they look at audit through data since starting in 2008. As a result, Texas Instruments is now in a position to assess risk across the enterprise and is well ahead of most companies in transforming internal audit.
The traditional internal auditor role is becoming obsolete due to the rise of databots. The new breed of entrepreneurial auditors is taking the lead in reinventing traditional internal auditing. One of the key aspects of this reinvention is the automation of mundane audit work. Texas Instruments has automated a good chunk of such work, covering approximately 200 risk/control points, and is now moving into scoping out all audits with data analysis.
This automation involves building fully repeatable and sustainable data mining analytics that evaluate a risk/control/etc. on an ongoing basis and automating prescriptive communication and remediation processes for red flags. The agile approach to transformation through data is what is bringing internal audit shops back to the strategic advisor table in the new data-centric world of digital business.
The first step in this transformation is getting a clear view of what's important based on organizational strategy through a process called "The GRC Grind". This involves identifying key goals/objectives, enterprise-level risks, process- and project-level control objectives, process-level risks, and actual controls that are important to the business operationally.
Similarly, by analyzing and correlating data around systems access, it is possible to create a forward-looking picture of where in the organization cybersecurity vulnerability may exist. Using analytics to weave a forward-looking picture can also be done by analyzing and correlating data on product sales and customer usage patterns to understand the general ability to engage and retain customers.
The last step of The GRC Grind is to map to the framework compliance requirements to those controls and any "overhead controls" that are required for compliance reasons but not already captured. This forward-looking analysis will be achieved through the use of IRS risk analytic techniques.
Eighty percent of the failure in building data programs in internal audit is due to never getting started. Enterprise data is complex and presents an opportunity for those with the skills to develop the "databot environment". The future internal auditor will spend a significant amount of time developing and sharing perspectives on organizational risk and performance that look forward on the organization's likelihood of achieving its objectives.
In conclusion, the rise of databots is transforming the audit, risk, and compliance landscape, with companies like Texas Instruments leading the way. The shift to data-driven decision-making is no longer a future possibility but a present reality, and those who can adapt and innovate will thrive in this new digital world.
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