The future of internal audit envisions to move away from manual documentation and testing towards a technology-driven approach that leverages AI. However, with the ever-evolving nature of business and internal control environment, internal audit practices need to adapt with ubiquitous changes. These include rapid technological advancements and evolving regulatory landscapes to ensure providing reasonable assurance over the control environment. By embracing technology and adapting practices, internal audit can remain a critical partner in organizational success. Read more: https://lnkd.in/dqxbv9aB من الممكن أن نتصور مستقبل المراجعة الداخلية يبتعد عن العمل اليدوي من خلال تجربة نهج قائم على التكنولوجيا يعتمد على الذكاء الاصطناعي، ومع ذلك، تحتاج ممارسات المراجعة الداخلية إلى التكيّف مع التغييرات المنتشرة خاصّةً مع الطبيعة المتغيرة للأعمال وبيئة الرقابة الداخلية، ويشمل ذلك التطورات التكنولوجيّة السريعة والمشاهد التنظيمية المتطورة لتأكيد توفير ضمان معقول على بيئة الرقابة، ومن خلال تبنّي التكنولوجيا يمكن أن تستمر المراجعة الداخلية كونها شريك مؤثر في النجاح التنظيمي. اطّلع على أحدث نشراتنا حول تأثير المخاطر التكنولوجيّة على المراجعة الداخلية من خلال الرابط أعلاه.
منشور KPMG Saudi Arabia
مزيد من المنشورات ذات الصلة
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IIA-The Institute of Internal Auditors is expected to unveil the New Global Standard for Internal Auditors in January 2024 that I expect to emphasize more on tech and on use the disruption to audit advantage. #Audits are very much rooted into #objectiveassurance, #auditorsindependence, #ethics etc. however, the disruptive #techadvancements are pushing the way these principles are practiced today. #Agility is the new reality and Audit is no exception. To state a part of it, #AI, #machinelearning, #deeplearning, #datamining & more shall transform #continuousauditing to unprecedented highs using. 1. Real-Time-Data-Analysis; AI combined with ML algorithms can analyze data streams from multiple sources (like smart meters, billing systems, etc. for a power utility) in real-time to identify anomalies, errors, or inconsistencies, Vs. waiting for these to be unearthed in periodic audit cycles. 2. Predictive Analytics for Risk Assessment; system can use historical data to identify patterns and predict areas of higher risk, allowing the auditor to exercise, proactively a #selectivefocus. By predicting a potential issue, and addressing it before it becomes a problem, businesses save more. 3. AI drive 24*7 monitoring of internal controls, to ensure they are working as intended and alert the relevant responsible when a deviation occur. This reduces reliance on auditee time/response, manual check, & increase effectiveness of the control environment. 4. ML algorithms can be trained to recognize signs of fraudulent activity. Preventing these timely has a positive impact on bottom line. 5. #Deeplearning to process big data quantities more efficiently than traditional methods; this allow the teams to do more comprehensive audits without increasing time or resource demands. 6. #AIautomated generation of compliance reports, not only ensure correctness of data reported but also significantly reduce the time and effort vs. the traditional course. As AI systems learn from each audit cycle, thereby continuous improvement in its algorithms and methodologies is a realistic possibility. Leveraging these technologies into continuous auditing not only increase business efficiency but also the quality and reliability of the audit results with reduce costs leading to improved risk management, compliance, and a robust control environment. BUT this is only possible for any businesses, corporate, or govt. institutions, if they overhaul the work environment, emphasize / push users to use the enterprise business solutions, and engage into BPR to develop a lean and simple process model. For me this is the biggest challenge. If we summit this, cost of technology, expertise and delivery are peanuts and the gains enormous. #auditevolution #useofAIinaudits #technologytrends #disruptiontoadvantage #changeleadership #greenfuture
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Interesting report from Deloitte. In the past few weeks, I've had several conversations with European Banks about the implications of the AI Act, which will be coming into effect next year. Some highlights below: AI systems will be permitted but subject to strict conditions. To minimise potential risks, providers and deployers must adhere to a stringent set of standards. Complying with requirements for high-risk AI systems will, for most organisations, require significant investment to put in place enhanced product governance, risk management frameworks, compliance, and internal audit capabilities for conformity assessments. Key requirements include detailed rules on: Data quality and governance Transparency Accuracy and robustness Risk and quality management Assign human oversight to competent, trained and supported personnel Fulfil monitoring, recorded keeping, and incident reporting obligations to providers and competent authorities
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At IIA GAM 2024, the future of the industry was clear: AI in audit and finance is moving from a forward-thinking idea to an operational necessity. MindBridge AI proudly leads this charge, illuminating the path for organizations to leverage AI for unparalleled audit analytics, efficiency, and financial risk detection. We've distilled 5 key lessons from the event that underscore the urgency and advantage of embracing AI now: 1️⃣ Adapting to the new Global Internal Audit Standards 2️⃣ Navigating the dual edges of technology's opportunities and risks 3️⃣ Engaging boards with emerging tech insights 4️⃣ Cultivating a mindset for innovation 5️⃣ Future-proofing operations with AI-driven financial analysis Learn how MindBridge is guiding this transformation and how you can prepare your organization. [Read More ➡️ https://lnkd.in/g4CP2k6Z] #AIInAudit #FinanceInnovation #IIAGAM2024 #MindBridgeAI
5 key lessons from IIA GAM: A new direction for Audit and Finance
https://www.mindbridge.ai
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Operations Manager MBA, LLm, MSc, DiN, CPQ CQI/IRCA, Livery HCMM, FICS, FNI, CMarTech MIMarEST, DBA/PhD scholar.
Reading the article “Organizations Face Challenges in Timely Compliance With the EU AI Act” by Elizabeth M. Renieris, David Kiron, and Steven Mills (https://lnkd.in/gz34BQKa) made me wonder how could a maritime organization navigate these challenges. Here are my thoughts: Navigating the EU AI Act. The EU AI Act introduces a groundbreaking regulatory framework for artificial intelligence systems. With its ambitious compliance timeline, organizations, especially in the maritime industry, face significant challenges. Here are the key elements of the AI Act and their impact on maritime operations. A) Strict Compliance Timeline. The AI Act sets tight deadlines: six months for prohibited AI systems, 12 months for generative AI, and two years for high-risk systems. These deadlines present challenges for maritime organizations that strategize on AI for navigation, cargo management, and maintenance. B) Essential Expertise and Governance. Implementing the AI Act's requirements demands significant expertise. Maritime operations must incorporate legal and ethical considerations into their AI systems to ensure compliance while maintaining efficiency. Establishing a robust governance framework is crucial to navigating these regulations. C) Implementing Responsible AI Programs. A responsible AI program provides a solid foundation for compliance. By involving technologists, data privacy experts, and legal professionals, maritime organizations can proactively meet the EU AI Act's demands. Educating AI teams on these regulations is essential for achieving compliance. D) Actionable Recommendations for Maritime Managers. · Set a Compliance Timeline: Balance urgency with the required transition and work. · Establish a Responsible AI Program: Develop a governance process involving key stakeholders. · Educate AI Teams: Ensure AI solutions comply with the regulations. · Enhance Testing and Evaluation: Upskill AI teams and seek additional expertise. In Conclusion. By adopting these strategies, maritime organizations can navigate the complexities of the EU AI Act, ensuring compliance while leveraging AI to enhance operational efficiency.
Organizations Face Challenges in Timely Compliance With the EU AI Act
sloanreview.mit.edu
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In a survey of 112 Audit Executives, 41% said they are using, or planning to use, some form of AI this year. #audit #internalaudit #ai #chatgpt #openai #googlebard #dataanalytics #risk #controls #genai #acca #cia #iia https://lnkd.in/gfTaeVGr
Gartner: 41% of Internal Audit Teams Plan to Use GenAI this Year
https://www.digit.fyi
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At IIA GAM 2024, the future of the industry was clear: AI in audit and finance is moving from a forward-thinking idea to an operational necessity. MindBridge AI proudly leads this charge, illuminating the path for organizations to leverage AI for unparalleled audit analytics, efficiency, and financial risk detection. We've distilled 5 key lessons from the event that underscore the urgency and advantage of embracing AI now: 1️⃣ Adapting to the new Global Internal Audit Standards 2️⃣ Navigating the dual edges of technology's opportunities and risks 3️⃣ Engaging boards with emerging tech insights 4️⃣ Cultivating a mindset for innovation 5️⃣ Future-proofing operations with AI-driven financial analysis Learn how MindBridge is guiding this transformation and how you can prepare your organization. [Read More ➡️ https://ow.ly/QUOH30sBZZa] #AIInAudit #FinanceInnovation #IIAGAM2024 #MindBridgeAI
5 key lessons from IIA GAM: A new direction for Audit and Finance
https://www.mindbridge.ai
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At IIA GAM 2024, the future of the industry was clear: AI in audit and finance is moving from a forward-thinking idea to an operational necessity. MindBridge AI proudly leads this charge, illuminating the path for organizations to leverage AI for unparalleled audit analytics, efficiency, and financial risk detection. We've distilled 5 key lessons from the event that underscore the urgency and advantage of embracing AI now: 1️⃣ Adapting to the new Global Internal Audit Standards 2️⃣ Navigating the dual edges of technology's opportunities and risks 3️⃣ Engaging boards with emerging tech insights 4️⃣ Cultivating a mindset for innovation 5️⃣ Future-proofing operations with AI-driven financial analysis Learn how MindBridge is guiding this transformation and how you can prepare your organization. [Read More ➡️ https://ow.ly/1aST30sAXor] #AIInAudit #FinanceInnovation #IIAGAM2024 #MindBridgeAI
5 key lessons from IIA GAM: A new direction for Audit and Finance
https://www.mindbridge.ai
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At IIA GAM 2024, the future of the industry was clear: AI in audit and finance is moving from a forward-thinking idea to an operational necessity. MindBridge AI proudly leads this charge, illuminating the path for organizations to leverage AI for unparalleled audit analytics, efficiency, and financial risk detection. We've distilled 5 key lessons from the event that underscore the urgency and advantage of embracing AI now: 1️⃣ Adapting to the new Global Internal Audit Standards 2️⃣ Navigating the dual edges of technology's opportunities and risks 3️⃣ Engaging boards with emerging tech insights 4️⃣ Cultivating a mindset for innovation 5️⃣ Future-proofing operations with AI-driven financial analysis Learn how MindBridge is guiding this transformation and how you can prepare your organization. [Read More ➡️ https://ow.ly/XsYL30sAXWI] #AIInAudit #FinanceInnovation #IIAGAM2024 #MindBridgeAI
5 key lessons from IIA GAM: A new direction for Audit and Finance
https://www.mindbridge.ai
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#WhatWeDidLastSummer 🔍 Announcing the Launch of Our Comprehensive #LLM Audit/Independent Testing Program for the Financial Sector! 🚀 In today's rapidly advancing #ai landscape, ensuring the robustness, transparency, and integrity of Large Language Models (LLMs) in the financial domain has never been more paramount. Our newly minted audit/Independent Testing program is a testament to rigorous research and collaboration, meticulously crafted to address not only the ethical nuances of LLM deployment but also its technical controls, offering a holistic review framework. Incorporating best practices and methodologies from globally recognised frameworks, our program aligns seamlessly with #COBIT's governance and management objectives and #OWASP's LLM security principles. This ensures that our audit/Independent Testing checklist is comprehensive and adheres to proven and widely accepted standards. From safeguarding against AI hallucinations and lobotomisation risks to fortifying data integrity, preventing model theft, and ensuring unwavering regulatory compliance, our program encompasses every conceivable aspect. The financial realm, with its intricate nuances and stringent requirements, necessitates a robust and comprehensive approach, and this program rises to the challenge. A special shout-out and heartfelt thanks to Muhammad Siddiq ul Hassan CAMS, CISA, FCA, CSPO and Satish Laxminarayanan for their meticulous editing contributions that have enriched the content manifold. Their insights and expertise have been instrumental in refining the program to its current form. Moreover, a big thank you to Deepika Chandarana her rigorous review process, ensuring that the program is comprehensive and stands up to the highest standards of scrutiny. To all the #ITAuditors, #IndependentTesting, #RiskMeasurement, #AIEnthusiasts, and professionals in the financial domain, I cordially invite you to delve deep into this program, implement it in your respective arenas, and share your invaluable feedback. Our collective expertise and collaboration can shape the future trajectory of LLMs in finance, ensuring they're not just efficient but also secure and ethically sound. The realm of AI in finance is burgeoning with possibilities. With your collaboration, we aim to elevate the standards of AI deployment, making it more transparent, secure, and beneficial for all. Let's embark on this exciting journey together! Reach out, collaborate, and let's set new benchmarks in AI Auditing/Independent Testing. 🤝 #AI #RiskManagement #AI_Auditing
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PwC Investigation & Forensics Partner, specializing in Risk & Regulatory matters including Litigation, eDiscovery & Compliance
Exciting news! AI is revolutionising risk and compliance programs. Check out PwC US's new paper with Harvard Business Review on "Digitizing Risk & Compliance." Discover how AI is transforming essential company functions. #AI #RiskManagement #Compliance https://lnkd.in/gWd8JQBZ
Managing risk and compliance in the digital age with the power of AI
riskproducts.pwc.com
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