Organization, Operational and Cybersecurity Threats Dominate Audit Priorities for 2021, MetricStream Study Reveals

Agility, Ongoing Monitoring, and Knowledge Visualization are Transforming Internal Audit

SAN JOSE, Calif., July 13, 2021 /PRNewswire/ — MetricStream, the world-wide industry leader in integrated possibility administration (IRM) and GRC, today declared the benefits of the 2021 MetricStream Condition of Internal Audit Study. Compiled from the views of inner auditors that not long ago attended the MetricStream GRC Summit, key results display that in spite of volatility of the risk landscape in the wake of the COVID-19 pandemic, most organizations even now depend on guide applications and technologies for interior audit procedures.

“Auditors don’t have time to sift via mountains of data to mine insights, in particular thinking of how speedily the threat weather grows in complexity,” stated Gaurav Kapoor, Main Functioning Officer and Co-Founder, MetricStream. “The pandemic has been a wake-up get in touch with for organizations all around the globe and shown the want to fast elevate audit plans to be far more agile, empower better assurance, and insights.”

The MetricStream Point out of Inner Audit Survey for 2021 is dependent on the responses obtained from internal auditors throughout various geographies and industries, which includes banking and economical products and services, government, telecom, know-how, healthcare, power and utilities, and other folks.

The crucial parts tackled in the study ended up:

  • How COVID-19 has globally impacted internal audit pros and their way of operate.

  • The most important inner audit difficulties, ranging from expertise shortages to a switching chance landscape

  • Best resources, approaches, and technologies utilized by audit specialists to adapt to the new standard

  • The key audit priorities and future spots of financial commitment

Essential takeaways from the survey contain the following:

  • 67% of inner auditors have had to adjust their plans, and reprioritize audit actions in the course of the pandemic

  • 60% of inside auditors do not adhere to an agile method to internal auditing

  • Only 39% of the respondents reported that they are in the method of implementing, or have presently implemented ongoing checking and continuous auditing and are actively utilizing them

  • 80% of companies nonetheless use business office efficiency program or level options when only 10% of respondents explained they use a person built-in solution for policy, audit, danger, and compliance administration

  • Companies mostly use audit software package for conducting field work, creating audit ideas, scheduling audit and jobs, and creating stories

  • Although transforming business enterprise priorities, chance and compliance landscape, and the lack of correct resources and technologies were cited as the leading difficulties faced by interior auditors, only 27% of these surveyed explained that they will dedicate long run investments in the direction of adopting an built-in resolution for policy, audit, chance, and compliance

The survey suggests companies still have to have to adopt additional highly developed attributes to meet the needs of modern risky and rapidly-paced enterprise environment. By leveraging advanced technologies and integrated options, these kinds of as the MetricStream Interior Audit solution designed on the MetricStream System and driven by AWS Cloud, companies can acquire a holistic check out into hazards and make a lot more strategic choices about their business.

Obtain the complete MetricStream Condition of Interior Audit Study 2021.

About MetricStream, Inc.

MetricStream is the worldwide industry leader of Built-in Possibility Administration and GRC alternatives that empower corporations to prosper on hazard by accelerating development through threat-aware choices. We hook up governance, threat management and compliance throughout the prolonged enterprise to enable resilience and digital transformation. MetricStream is headquartered in San Jose, California, with an functions and R&D centre in Bangalore, India, and sales and operations assist around the world. More info is offered at www.metricstream.com, LinkedIn, Fb and Twitter.

MetricStream and the MetricStream emblem are trademark or registered emblems of MetricStream, Inc.

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