Doing more with less: Maximizing internal audit’s value with better risk intelligence
With fewer resources, internal audit is being asked to do more to support effective risk management, conduct audits that add value, and help the organization move forward with greater agility and less risk exposure. This trend is continuing, and auditors need the right tools, frameworks and methods to navigate the future. This presentation addresses the following questions that help public sector internal auditors navigate the future:- How does one harmonize the results of numerous disparate risk activities into a cohesive, coherent and integrated view of the organization’s risk environment? – Moreover, how does one harness the power of risk activities across an organization for better intelligence when developing a risk-based audit plan? ESDC has an expansive mandate including (sample only): – Over $116B in disbursements to Canadians through social programs, including Employment Insurance (EI), Canada Pension Plan (CPP), Old Age Security (OAS), Canada Education Savings Plan (CESP) and Canada Student Loans Program (CSLP) – Major grants & contributions- Government of Canada service channels, including 615 points of service across Canada and the online ‘My Service Canada Account’ Passport delivery and Social Insurance Number (SIN) issuance. With a diverse, dynamic and expansive risk landscape, ESDC’s Internal Audit function recognized the need for better risk intelligence, a re-architecture of the audit universe, and a process to drive greater value and risk insight for the department. This presentation will share ESDC’s journey, implementation and outcomes, with open frameworks and tools that can be leveraged by other public sector (and private sector) internal auditors.