Digital Journey

ROLF SPJELKAVIK, SANDVIK AB, Vice President & Head of Group Internal Audit, Sweden speaks with MARTIN WIEDEMANN, EY, Partner about Internal Audit of the future.

They show up with a robot at the stage. Good entry. The robot presents the speech. Now it gets started. Good opener: Disruptive forces are causing organizations to consider transformation plays.  Business must deal with challenges caused by the digital revolution: the move to digital processes and business models; complex regulatory oversight; proliferation of social media and disruptive new technologies that promote increased connectivity and a demand for new skills. Internal Audit has to evaluate, if the operational processes are is ready to digitalize itself, to lead the “digital journey” for the organization and to take on the challenge to deliver more comprehensive solutions.

Internal Audit needs to alter the way it operates to become better in what is done today and to become more relevant. IAs core mandate will be delivered with significantly reduced effort and headcount. At the same time a shift to become a Change Agent, Anticipative Monitor and Business Counsellor will come to play as risks and topics beyond today’s scope need to be addressed. Ultimately, this will lead to the fully digitalized IA function that is enabled by fully automatized information processing and end-to-end digitalized IA processes.

How to get there?  ROLF SPJELKAVIK and MARTIN WIEDEMANN offer, first, Digital Excellence must be achieved by an efficient analytics delivery and optimized operations through process standardization. A shift of the people model to the deployment of off- / near shore hubs and flexible workforce needs to be considered as well besides changes to the overall IA skill matrix. Afterwards, IA needs to continuously innovate and implement flexible audit responses to address emerging risks (e.g. based predictive and prescriptive analytics and / or through high-impact audits). All efforts will lead to a ‘digitalization’ across the traditional IA lifecycle which eventually will be disrupted, and the profession being revolutionized by itself.

Resume: Interesting insights of the digital journey of SANDVIK.

Stay tuned,
Your Audit Research Center Team

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