special feature
Vision 20/20:
Budgeting for Growth and Success in 2013 At the 2012 Governance, Risk, and Control Conference, IIA President/CEO Richard Chambers asserted the future is easy to predict. Adapting to it will be tougher. He shared The IIA’s Vision 20/20, outlining five imperatives practitioners must focus on to effectively meet stakeholder expectations through 2020. Each requires an investment of training, education, and talent to support it, making it critical for organizations to address them during 2013 budget planning.
Providing Assurance on Risk Management Effectiveness The IIA addresses risk through certification, seminars, conferences, research, and guidance. Its newest credential, the Certification in Risk Management Assurance™ (CRMA®), allows practitioners to make a bold statement about their ability to provide assurance on core business processes in risk management and governance, focus on strategic organizational risks, and educate stakeholders.
Enhancing and Leveraging a Continuous Focus on Risk Not all practitioners are ready to tackle the CRMA, but most realize threats are not annual events, requiring a continuous focus on risk and an enhanced ability to provide assurance. Yet a recent Pulse of the Profession survey indicates reluctance to embrace the challenge, with 57 percent of respondents acknowledging they had no assurance coverage planned in 2012. Perhaps this aversion stems from a lack of confidence, in which case budgeting for training is warranted. The IIA’s new seminar, Assessing Risk: Ensuring Internal Audit’s Value, can build confidence in this area.
Enhancing Proficiency with Data Mining and Analytics When assessing risk, effectively analyzing data is imperative. Identifying appropriate uses for data analytics, assessing your team’s skills, addressing any gaps, and striving 14
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for improvement is critical. Tapping into IIA Research Foundation (IIARF) Bookstore resources, such as Leveraging Data Analysis for Better Efficiency and Effectiveness, is a good starting place. Even a relatively small investment for this budget line item can yield considerable return as resources can be shared among team members.
Securing a “Seat at the Table” Some CAEs have experienced success in this area while others are still fighting an uphill battle. The latter could benefit from connecting with peers through The IIA’s Audit Executive Center to see how other CAEs tackled this challenge. The Center delivers the most relevant information on the issues so CAEs can have a constructive dialogue with stakeholders. More CAEs are now incorporating a Center membership into their budgets for year-round access to their peers to develop themselves and their teams.
Solidifying Expertise to Address Key Risks Understanding how operational, strategic, and business risks impact your organization is critical to being viewed as a value-added resource. Budgeting for IIA membership can open doors to this expertise through networking, knowledge sharing, research, certification, and training. Whether you are a CAE or a staff level auditor, a clear line of sight is imperative for your professional growth. Tomorrow’s success depends on today’s vision.