As the modern-day enterprise continues to evolve, technology is a major component that changes rapidly and seeps its way into nearly every facet of the business. Naturally, this impacts internal audit. As the function continues to transform as a department, they’ll naturally want to leverage new technology to their benefit. This is why many internal audit departments are working toward implementing a data analytics program.
Tapping into those benefits, however, isn’t as easy as flipping a switch or logging into software, it requires leadership, change management, and a lot of hard work, according to Manuel Coello, senior director of data analytics at CVS Health.
“The first thing you’ll want to do is assign a champion…that can make an impact and disrupt other processes,” he told Internal Audit Insights in a recent interview shot at MISTI’s SuperStrategies Conference & Expo in Las Vegas. He also advises internal audit functions to make an investment and not just “work with what they have.”
Data analytics is being leveraged more than ever by internal audit departments, but for those that haven't jumped on the bandwagon yet, this interview with CVS Health's head of data analytics explains the benefits, challenges, and misconceptions tied to the technology.