Thought Leadership on Internal Audit & Risk Management

Introduction

The round table event on Internal Audit and Risk Management brought together thought leaders across various sectors to discuss pivotal themes shaping the future of auditing. This document delves into key areas of focus: Human Capital and Diversity Risks, Fraud Risk Management, AI Integration in Auditing, Ethical Considerations in AI Implementation, and The Role of Internal Audit in the AI Era. Additionally, it emphasizes the importance of Continuous Learning and Knowledge Sharing within organizations.

Human Capital and Diversity Risks

Increasing Importance of Talent Management and Diversity

Human capital and diversity have emerged as critical elements in sustaining organizational growth and innovation. The event underscored the rising significance of talent management strategies that not only attract but also retain diverse talent pools. Embracing diversity is no longer an option but a business imperative that drives better decision-making and fosters a more innovative environment.

Need for the Right Culture and Flexible Working Regimes

Creating an inclusive culture that supports flexible working regimes is essential for modern organizations. The discussion highlighted that fostering a supportive work culture and offering flexibility can lead to enhanced employee satisfaction and productivity. This cultural shift is necessary to meet the evolving expectations of the workforce, particularly in a post-pandemic era.

Inclusion of These Risks in Audit Plans is Still Limited

Despite their importance, the inclusion of human capital and diversity risks in audit plans remains limited. Many audit functions are yet to fully integrate these risks into their audit universe. The panelists emphasized the need for auditors to expand their scope and incorporate these elements to provide a holistic evaluation of risk.

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