Building Operational Resiliency: Strengthening Audit & Risk Practices

Download Building Operational Resiliency: Strengthening and Modernizing Audit & Risk Practices in Response to Crisis below, and watch the on-demand webinar to hear authors Molly Mullinger and Aaron Wright go deeper into next steps in the coming months and building the agility to execute necessary adjustments.

In April 2020, an Institute of Internal Auditors report found that nearly 40% of survey respondents had redirected their internal audit staff from normal activities to assist their organizations by performing non-audit work during COVID-19.

Now, not only must impacted teams catch up on their audit plans, but they must also find ways to step up to meet new challenges to business strategies and objectives.

To build operational resilience in the New Normal, audit, risk, and compliance teams must help define and support business continuity efforts. At the same time, they must continue meeting audit plan and compliance deadlines — all without the historical structure of in-person execution.

To ensure that organizations deal effectively with crisis-related challenges and continue meeting their goals, leadership must be proactive in continuing to reassess business priorities. But, before knowing how to react, you’ll need to understand how you are impacted.

This guide details critical steps that audit, risk, and compliance teams can take now to leverage lessons learned and get ahead for recovery, including:

1. Reevaluate enabling technology: enhance efficiency and productivity for remote teams
2. Reassess business priorities: questions to ask when surveying business stakeholders
3. Address the unknowns:assumptions around forecasting, changes to internal controls activity, and departmental considerations
4. Plan for efficiency: a step-by-step checklist for Planning an Audit During COVID-19
5. Learn from peers: top takeaways from conversations with audit leaders across the United States

Building Operational Resiliency: Strengthening and Modernizing Audit & Risk Practices in Response to Crisis contains best practices for audit, risk, and compliance teams to reference as they tackle next steps in the coming months. Download your copy below.

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