Navigating the Risks and Opportunities of Generative AI: How Internal Audit Teams Can Add Value

In today’s world, technology has become indispensable for organizations, playing a key role in almost every aspect of their operations. As new technology tools emerge, businesses are increasingly recognizing the potential benefits they can bring to the table. A recent survey by PwC found that 60% of business and risk leaders view generative AI (GenAI) as an opportunity, highlighting the importance of staying up-to-date with the latest technological advancements.

However, while technology offers numerous benefits, it also brings along its own set of risks. This is especially true as organizations become more reliant on technology to support their operations. To minimize these risks and maximize the value of new technologies, internal audit teams can play a crucial role in helping organizations navigate this complex landscape.

To add value in this effort, internal audit teams can take a number of steps. First and foremost, they can work closely with key stakeholders to identify potential risks associated with new technologies and develop effective risk management strategies. Additionally, they can assess the current IT infrastructure and controls in place to ensure they are robust enough to support the implementation of new technologies. By collaborating with other departments and staying informed about the latest technological trends, internal audit teams can help organizations stay ahead of the curve and leverage technology to their advantage.

In summary, while technology offers numerous benefits for businesses today’s world, it also brings along its own set of risks. However, preparing for investments in new technology is seen as the main trigger for organizations to review their risk landscape. To navigate these risks effectively, internal audit teams must work closely with key stakeholders and develop effective risk management strategies while assessing current IT infrastructure and controls to ensure they are robust enough to support new technologies implementation. By doing so they will be able to help organizations stay ahead of the curve while leveraging technology to their advantage.