Is internal audit ready for disruptive innovation?

Reshaping the Audit Plan Using Protiviti's Digital Maturity Assessment Tool

Disruptive innovation is pervasive. Every organization today is being impacted and every leader needs to be engaged in and well-informed about the digital revolution, its impact on the organization, the risks it presents, as well as the potential advantages it can deliver.

Our recent study of “The Top Global Risks for 2018” with senior executives and board members, conducted worldwide, highlighted a significant change in perspectives on risk. The rapid speed of disruptive innovation is now rated the number one concern for these leaders, closely followed by concerns over resistance to change from within the organization. This incongruence presents a dilemma across all organizations. It is a natural response to headlines about the collapse of long-established brands and suggests the need for an imperative to improve readiness.

Not surprisingly, many executives are asking themselves whether they are focusing on and doing enough of the right things to avoid being swept aside in the digital economy. Board members and executives want to know where they stand compared to their peers and competitors and what they need to do to keep pace. Chief audit executives should ask themselves whether they could answer this question and whether they are doing enough to provide assurance that these risks are being appropriately managed. Unfortunately, many organizations continue to make the same mistakes and few audit functions are sufficiently prepared and engaged to identify and report upon these failings.

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