Optimizing Innovation and Value from Co-Sourcing and Outsourcing Internal Audit – The Do’s and Don’tsLevel: Intermediate
This session directly relates to the theme as it provides insight on how to optimize resource agility, expertise, productivity, and cost effectiveness within various resourcing models. Many organizations do not have the budget to hire all of the experts required to complete specific audits and advisories. Risk trends are continuously involving complex topics such as cyber security, ESG (Environment, Social, and Governance), data governance and analytics, artificial intelligence, complex regulation and operations technology with the disruption cause by COVID, many industries have fast tracked plans for innovation and implementation of technology creating new risk and opportunities. These potential audit areas all require deep subject matter expertise to complete the audit or advisory. This session will use real life examples to reflect the pros and cons, as well as do’s and don’ts in relation to in-sourcing, co-sourcing, and outsourcing. Having the right resources and managing them well is a critical success factor for Chief Audit Executives.
Pivoting in this reimagined world requires internal audit to step up and meet or exceed the continuously increasing expectations of Audit Committees, which, for many internal audit functions, requires access to deep subject matter expertise.