Internal auditors are being exposed to emerging areas of the business in the financial industry, resulting in enhanced risk management procedures and more knowledgeable staff, finds a new study by global consulting firm Protiviti.
“Management and boards of directors rely on internal auditors more heavily than ever before to identify and assess business risks and oversee compliance efforts,” says Brian Christensen, Protiviti’s executive vice president of global internal audit.
As a result, they’re offering more learning opportunities to ensure auditors are prepared to deal with and identify more complex risk and security issues.
One company featured in the study is Bristol-Myers Squibb, which has transformed its internal audit department; rebranded as Audit Services, it allows individuals with two-to-five years of experience to learn about global markets and operations, and interact with the company’s top executives.
It also provides them the opportunity to build financial, strategic, operational, compliance and IT skills, as well as verbal and written communication skills. After three years in the department, the auditors’ maturity and knowledge sets them apart from industry peers.
Another organization, GDF SUEZ has had success with its Internal Audit Academy, launched in 2011. It offers professional education with broader objectives to promote innovation, intellectual curiosity and cultural diversity among its staff.