Considerations for assessing and leveraging intelligent automation.
Technology is advancing at a staggering pace and is disrupting almost every business and industry. KPMG LLP questioned CEOs in the 2017 Outlook survey, revealing that 60% of CEOs worry that their organizations’ sensory capabilities and innovative processes will not stand up to rapid disruption. Intelligent automation, is a key opportunity to drive greater value, but also an area of emerging risk.
Today’s intelligent automation innovations have the transformational potential to increase speed, operational efficiency, cost-effectiveness, control, and accuracy of daily business activities, and to empower skilled human professionals to generate more impactful insights, enabling smarter decisions more quickly. However, if an organization wants to improve its business processes by implementing intelligent automation, the internal audit leaders need to consider the risks associated to intelligent automation.
Step one of recognizing the risks is get a firm grasp of what intelligent automation really is and how it’s been used to improve the organization’s business processes. Intelligent automation can be broken down into three primary classes, ranging those classes from simplest to most complex:
Internal audit can help to keep the organization in pace with understanding and managing the associated risks, achieve expected results from automation, and continue to innovate to add value by:
In each of the three lines of defense lie opportunities for internal audit to assist the organization with intelligent automation:
In conclusion, internal audit has a critical role to play in enterprise-wide intelligent automation programs. It should be part of the development of the organization’s intelligent automation strategy and implementation plan across all three lines of defense.
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