December 2010 Online Exclusive Slideshow

 

Five Emerging Technology Risks of Which Internal Auditors Should Be Aware

Shannon Steffee
Associate Editor
Internal Auditor

 

The world of IT is continually evolving, advancing, and changing at an increasing pace. Internal auditors should continually reassess the risks facing their organizations and the role internal auditing plays in mitigating them. Once emerging risks have been identified, it is the auditor who brings them to the attention of key stakeholders.

Internal auditing should perform a risk assessment to help identify the emerging IT risks that should be included in a risk-based audit plan. As Ron Cathcart and Guarav Kapoor state in “An Internal Audit Upgrade,” “Audit plans should incorporate risk identification and prioritization, as well as analysis and quantification of risk factors in new business ventures and strategies. They [audit plans] should also include an understanding of shared risks among various projects and initiatives and continuous monitoring of business activities and key performance indicators.”

Internal auditors should take a proactive approach to identifying emerging IT risks so adequate measures can be taken to include them in a strategic audit plan. With the help of Steve Mar, ITAudit contributing editor, Internal Auditor has identified five emerging technology risks of which internal auditors should be aware.

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