Maximizing Value with Internal Audits: Navigating Risks Related to Technology Adoption and Implementation

In today’s fast-paced world, technology has become an essential tool for businesses. It plays a crucial role in almost every aspect of their operations. However, the increasing dependence on technology also brings along its own set of risks. This is particularly true as organizations become more reliant on technology for their operations.

A recent survey by PwC found that 60% of business and risk leaders view generative AI (GenAI) as an opportunity, highlighting the importance of new technology tools in the business landscape. However, preparing for investments in new technology is seen as the main trigger for organizations to review their risk landscape, with 57% of respondents citing this as a major concern.

While technology offers numerous benefits, it also exposes businesses to threats related to technology adoption and implementation. This is where internal audit teams come into play. They can help organizations navigate these risks by developing effective strategies to minimize them and maximize the value of new technologies.

To add value in this effort, internal audit teams can take several steps. Firstly, they can work closely with key stakeholders to identify potential risks associated with new technologies and develop effective risk management strategies. They can also assess the current IT infrastructure and controls in place to ensure they are robust enough to support the implementation of new technologies. By collaborating with other departments and staying informed about the latest technological trends, internal audit teams can help businesses stay ahead of the curve and leverage technology to their advantage.

In conclusion, while technology has brought numerous benefits to businesses, it has also exposed them to various risks related to its adoption and implementation. Internal audit teams can play a crucial role in helping businesses navigate these risks by developing effective strategies and staying informed about the latest technological trends.