In today’s rapidly evolving business landscape, the importance of robust internal audit processes cannot be overstated. Organizations are increasingly turning to advanced Governance, Risk, and Compliance (GRC) platforms to streamline their internal audit functions, ensuring compliance, mitigating risks, and enhancing overall governance. One such leading solution is the CRISAM® GRC platform, which has been making significant strides in transforming how companies approach internal audits. Simultaneously, the Institute of Internal Auditors (IIA) has introduced new Global Internal Audit Standards, effective from January 2025, setting a new benchmark for internal audit practices worldwide.
CRISAM® is a comprehensive GRC software solution designed to support all aspects of governance, risk management, and compliance. It offers a flexible and innovative standard solution that can be tailored to meet the unique needs of various organizations. The platform is renowned for its intuitive user experience, making it accessible to stakeholders across different levels of an organization.
The CRISAM® GRC platform significantly enhances the efficiency of internal audit processes. By automating routine tasks and providing real-time insights, the platform allows audit teams to focus on more strategic activities. This shift not only improves the quality of audits but also reduces the time and resources required to complete them.
Consider the example of a multinational corporation that implemented CRISAM® to overhaul its internal audit processes. Prior to adopting the platform, the company faced numerous challenges, including fragmented risk management practices, inconsistent audit procedures, and difficulties in maintaining compliance with evolving regulations.
With CRISAM®, the company was able to integrate its risk management and internal audit functions into a single, cohesive system. The automated workflows ensured that all audit steps were followed efficiently, while the comprehensive reporting tools provided valuable insights into risk areas and compliance status. As a result, the company not only improved its audit efficiency but also strengthened its overall governance framework.
CRISAM® is at the forefront of leveraging artificial intelligence (AI) to enhance GRC processes. The platform’s AI capabilities are particularly beneficial for internal audits, as they enable real-time risk detection and analysis. By continuously monitoring various data points, the AI-driven features can identify potential risks and anomalies that might otherwise go unnoticed. Benefit of the integration for SAP analytics with zapliance.
This proactive approach to risk management is crucial in today’s dynamic business environment, where new threats can emerge rapidly. The AI capabilities of CRISAM® ensure that organizations are always one step ahead, ready to address any risks that may arise.
The Global Internal Audit Standards, effective from January 9, 2025, represent a significant evolution from the previous International Standards for the Professional Practice of Internal Auditing (ISPPIA) established in 2017. These new standards are part of the updated International Professional Practices Framework (IPPF), which now includes three main components: Global Internal Audit Standards, Topical Requirements, and Global Guidance.
The 2024 standards incorporate all mandatory elements of the 2017 IPPF, such as the Definition of Internal Auditing, Mission of Internal Audit, Code of Ethics, and Core Principles for the Professional Practice of Internal Auditing. Additionally, the recommended guidance from the 2017 Implementation Guides has been integrated into the new standards as considerations for implementation and examples of evidence of conformance.
The new standards are designed to elevate the quality and consistency of internal audits across the globe. By providing a clear and comprehensive framework, the standards help internal auditors perform their duties more effectively, ensuring that audits are conducted with a high degree of professionalism and rigor.
One of the key benefits of the new standards is their focus on continuous improvement. The standards encourage internal audit functions to regularly assess their practices and identify areas for enhancement. This proactive approach helps organizations stay ahead of potential risks and maintain robust governance structures.
With the new standards set to become effective in January 2025, internal audit functions are encouraged to start adopting them now. Early adoption allows organizations to familiarize themselves with the new requirements and make necessary adjustments to their audit processes.
The IIA has provided various resources to support the transition, including a conformance readiness assessment tool, webinars, and detailed documentation on the standards. These resources are designed to help internal auditors understand the changes and implement the new standards effectively.
The integration of advanced technologies, such as GRC platforms and data analytics, is transforming the field of internal auditing. The new standards recognize the importance of these technologies and provide guidance on their use in audit processes.
GRC and data analytics can enhance the efficiency and effectiveness of internal audits by automating routine tasks, identifying patterns and anomalies, and providing real-time insights into risk areas. By leveraging these technologies, internal auditors can focus on more strategic activities and provide greater value to their organizations.
The release of the new Global Internal Audit Standards marks a significant milestone in the evolution of internal auditing. As organizations continue to navigate complex regulatory landscapes and face new risks, the demand for robust internal audit functions will only grow.
The new standards provide a solid foundation for internal auditors to build upon, ensuring that they are well-equipped to meet the challenges of the future. By promoting a culture of continuous improvement and leveraging advanced technologies, internal auditors can enhance their effectiveness and contribute to the overall success of their organizations.
In conclusion, the CRISAM® GRC platform and the new Global Internal Audit Standards represent a comprehensive and forward-looking framework that will shape the future of internal auditing. By providing clear guidance on best practices and emerging risks, these tools help internal auditors perform their duties with greater professionalism and rigor. As organizations adopt these standards and platforms, they will be better positioned to manage risks, ensure compliance, and achieve their strategic objectives.
For those looking to delve deeper into the practical implementation of these new standards using CRISAM®, don’t miss the opportunity to attend the speaking slot titled “Die Umsetzung der neuen Global Internal Audit Standards mit ‘CRISAM®’ meistern” at the upcoming DIIR annual conference. This session will provide valuable insights and practical guidance on mastering the new standards with the help of CRISAM®, making it an essential event for internal audit professionals.
For more details and to register, visit the conference website. Don’t miss out on this chance to stay ahead in the ever-evolving world of internal auditing!