Risks are not always easy to seeâthey can sometimes be too big (e.g. geopolitical, macro-economic) or buried in complex and multi-layered technical areas (e.g. regulatory, cyber).
IAâs unique vantage point and risk mindset means that it can âsee through the walls of the organisationâ and shine a light on areas others may not see. It cannot, however, see everything, all of the time. In many organisations, expertise is distributed across various departments and teams. Internal auditors can act as unifying forces, bridging gaps and facilitating collaboration.
Traditionally, IA functions have relied on guest auditors or co-sourcing to bring in the required expertise and, whilst this is still necessary to reinforce IAâs capabilities, IA needs to also be confident that nothing is missed at an organisational level.
The survey showed that organisations have at least five second-line functions on average with which to collaborate, and most have strengthened their capabilities and âlevelled upâ over the last three years. The strengthening of the second line represents an opportunity for IA to harness these skills and maximise the power of combining different…
