Internal Audit trends during COVID-19 and beyond

White paper series investigates the growing emphasis on effective risk management — and why it will continue to shape businesses long after the pandemic is over.

COVID-19 has proven to be one of the most acute risk management exercises Canadian organizations have ever encountered. It has thoroughly exposed Internal Audit successes and shortcomings. And it will continue to shape strategic and operational decisions for years to come. 

Now that the initial shock of the pandemic has passed, it’s time for Internal Audit to begin considering some of the most important learnings, as well as steps organizations can begin taking to avoid being caught flatfooted when a second wave arrives. Understanding which areas are most important to the business — and the role internal audit can play in guiding an organization’s priorities as they relate to managing risk — will be essential for timely and effective decision making moving forward.

Over the next few weeks we’ll be releasing thought leadership that examines key considerations, and highlights risk trends to think about in the immediate and medium-term. We’ll look at the cyber security and privacy implications COVID-19 has driven to the forefront. We’ll evaluate the effectiveness of business resilience plans and the importance of fraud and data ethics. We’ll also discuss digital transformation strategy; environment, social, and governance (ESG); and culture and strategy as these relate to internal audit.

Protecting what matters most

Appropriate cyber security and privacy measures continue to be a primary concern as more organizations pursue digital transformations and move business operations to work from home models. Cloud and internet-connected technologies have the potential to improve security — but also introduce additional vulnerabilities a would-be cyber criminal could exploit to access sensitive information.

A blanket approach to protecting everything is exceedingly impractical. Especially as organizations produce and collect more data points than ever. It’s prudent to prioritize controls where it matters most and understand what measures are necessary to simultaneously protect the business and meet increasingly strict regulatory obligations.

In the first part of our white paper series, MNP Cyber Security Partner and Privacy Lead Adriana Gliga-Belavic will expand on the most critical considerations you need to think about today.

Subscribe to our Business Advice Centre and be among the first to receive our cyber security and privacy insights white paper for Internal Audit. As a sponsor of the National IIA conference, we’d also encourage you to register — we’ll be releasing our even more comprehensive annual Internal Audit Trends white paper exclusively to delegates.

To learn more, contact Richard Arthurs, CPA, CMA, CIA, CFE, CRMA, QIAL, MBA, National Leader – Internal Audit Services, at 587.702.5978 or [email protected]