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• Utilize data analytics tools to gain insights that, when optimized, significantly enhances
into market trends, customer preferences, and organizational oversight. Recent events in the
emerging technologies banking sector reinforce the importance of
strong internal audit functions and engaged
• Conduct regular reviews of major innovation board oversight. By understanding these
initiatives to assess their progress and impact frontline perspectives from internal auditors and
learning from real-world examples, boards can
• Evaluate the risks associated with new better leverage their audit functions to navigate
technologies and products to ensure they align increasingly complex risk landscapes.
with the organization’s strategic goals and risk
tolerance When boards and internal audit establish
relationships built on mutual respect, open
• Promote a culture that encourages communication, and shared objectives,
experimentation and risk-taking, allowing organizations benefit from stronger governance,
the organization to explore new ideas and more effective risk management, and ultimately,
technologies improved performance. The lessons serve as a
reminder that robust internal audit functions
Conclusion and attentive boards are essential safeguards of
organizational integrity and long term business
The relationship between internal audit and the sustainability.
board represents a critical governance connection
29 INTERNAL AUDIT TODAY
