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Can internal audit be a command center for risk?
Armed with senior management's support, internal audit can leverage technology and data to better partner with finance—and contemporize its governance role to one that identifies and tackles the risks most relevant to the organization.
Traditionally, internal audit (IA) has served as the independent eyes and ears of boards and management, both in terms of risk oversight and compliance. But given the deluge of risks companies now face along with continuously evolving regulation, there is an opportunity for IA to move beyond its scouting role and serve as an integral part of the team for identifying and combatting risk.
With the continuing desire of CFOs to play more-strategic roles, having a forward-looking IA department can be a valuable weapon in their arsenal.
In this issue of CFO Insights, we look at specific areas where internal audit can add additional value, and offer questions that can lead to IA becoming more of a command center for risk.
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