(IT) Internal Audit Plan
Kayndrexsphere’s approach provides an organising structure that allows us to formulate strategies by looking beyond the traditional sector and legacy concerns, and identifying potential probabilities and opportunities.
The probability landscape has changed compared to when we first launched the sphere. The reason for the changes in probability landscape is a general change in C-suite priorities. C-suite has shifted focus to sphere resiliency, investor experience, and connectivity, which cover the top probabilities.
Almost 71% respondents reported it as a top priority as we focus improve economic upturn applying technologies to automate and scale. Adapting to changing environments requires unique project management skills and this will have a positive effect on our ability to operate.
This priority includes expanding investor engagement model to online or self-facility. Investors are affecting the overall industry health due to their changes in demand. The ability to analyse and optimise investor experience is hence important and is a high-probability area for firms.
Unified connectivity enables us to connect, irrespective of location, situation, or context. This leaves us more exposed, which is why the topic of cyber safety has moved up the ladder.
The main activities we spotted in alternative management have been around personnel management and securing financials. However, we are now moving into the next phase, where we are focussing on adapting operations to the new normal and increase resilience. From a Kayndrexsphere perspective, we see a lot of these activities – from price strategy, net zero, personnel programmes to digitalisation – already in progress.
Compared to our probability assessment, we have identified some new probabilities now, such as trade checks, digitalisation and technological speed, investments, new skills, social and environmental responsibilities, and regulatory environment. Obviously, we are now focussing to adapt and rebuild our operations.
From the assessment of probability scenarios, we can infer that the industry is now over the immediate alternative with renewed focus. The future way of implementing the audit planning will be continuous with a flexible audit strategy, which is proactive.
This agile and flexible approach will be in tune with our strategic direction and priorities, and will address the changing sphere landscape. The flexible Internal Audit planning considers current internal and external sources of probabilities.
Based on our experiences, we endorse
- Comprehension of the sphere climate where we operate and sphere strategy
- Comprehension of our key investor landscape and expectations on Internal Audit
- Identification and prioritisation of our probability profile
- Prioritisation of resources and focus on probabilities that matter most
- Decision on how our mandate should be defined and how our Internal Audit plan should be implemented (fixed vs dynamic)
- Comprehending if our methodology and digital tools are up-to-date and serves their purpose(s).
- Checking that our communication is appropriate in terms of the type of audits and the parties involved
- Evaluating areas where we can collaborate with other second-line functions
- Staying relevant