As the ancient Greek philosopher, Heraclitus, once noted, “the only constant in life is change.” For businesses that have endured over a year of ever-changing government regulations and never-ending uncertainty, this ages-old revelation rings too true. For those who use this as a driving force rather than a pervasive obstacle, there’s a clear opportunity to get ahead.
The key to an organization’s ability to recover from the impact of a crisis is preparation. Companies that quickly adapt to the transitory effects of crisis and have the long-term vision required for an immediate transformational response will reap lasting rewards that not only empower them to survive the next challenge, but position them for even greater success and growth. Internal audit (IA) is critical to this strategy.
Used mainly as a tool to evaluate compliance with regulations or requirements, the function and value of IA permeate much deeper than simply checking a regulatory box. These independent, objective reviews play an essential role in business resilience management and crisis preparedness, and provide practical guidance for leaders looking to accomplish the following:
Build organizational resilience from the core
The current health crisis has dramatically re-ordered business strategies, impacted revenues, reshaped customer bases, and upended supply chains. Within this rather volatile narrative, IA is a crucial component of proactive, forward-thinking organizations that strive for continuous process improvement, while seeking to reduce organizational risk.
As your business modernizes, we can advise you on emerging areas of risk and the strength of your internal processes by providing ad hoc or ongoing support. Whether your most pressing concerns are helping your company prepare for future challenges, safeguarding against cybersecurity threats, staying ahead of the competition, or creating a safe and productive environment for your staff, an internal audit will guide you in the right direction.
ABOUT THE AUTHORS
Pierre Taillefer, John Asher and Allyson Haarstad
BDO Canada
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