Navigating New Technology Risks: How Internal Audit Teams Can Maximize the Value of AI and Emerging Tools
New technology tools are becoming increasingly important for organizations, playing a key role in almost every aspect of their operations. In today’s world, technology has become indispensable, and a recent survey by PwC found that 60% of business and risk leaders view generative AI (GenAI) as an opportunity. 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 brings along its own set of risks, especially as organizations become more reliant on it. This dependency exposes them to threats related to technology adoption and implementation. To navigate these risks effectively, internal audit teams can play a crucial role 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 a number of steps. First and foremost, they can work closely with key stakeholders to identify potential risks associated with new technologies and develop effective risk management strategies. Additionally, they can 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 can help organizations stay ahead of the curve and leverage technology to their advantage.
