Intelligent Automation can significantly transform how business is done. However, without proper design, operating guidelines and monitoring, Intelligent Automation may fail to achieve its design goals or cause unintended destruction to the business, such as data leakage. To avoid this, the internal audit function plays a critical role by providing assurance over this transformation.
Intelligent Automation is bringing sweeping changes to business operations. Hence, internal audit functions must develop strong capability in continuous monitoring to identify such initiatives that are occurring within the business in a timely manner.
Internal audit functions need to acquire the skills to provide assurance. It must have sufficient knowledgeable and skilled internal audit professionals to prepare, oversee and reduce critical risks arising from the implementation of Intelligent Automation in the business.
Internal audit functions must be able to establish a holistic view of risks across the Intelligent Automation Development Lifecycle by ensuring strong process walkthroughs are conducted, in order for auditors to understand whether the right controls have been designed and operating effectively.
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