Navigating the Risks of AI Implementation: How Internal Audit Teams Can Help Organizations Stay Ahead of the Game

In today’s fast-paced business environment, technology has become an essential tool for organizations to remain competitive. A recent survey by PwC revealed that 60% of business and risk leaders view generative AI (GenAI) as an opportunity, highlighting the importance of new technology tools in the business landscape. However, with the increasing reliance on technology comes its own set of risks, especially as organizations implement new technologies.

To mitigate these risks, internal audit teams can play a crucial role in helping organizations navigate their risk landscape. By working closely with key stakeholders and assessing the current IT infrastructure and controls in place, internal audit teams can develop effective risk management strategies to minimize potential threats associated with technology adoption and implementation. Additionally, by collaborating with other departments and staying informed about the latest technological trends, internal audit teams can help organizations stay ahead of the curve and leverage technology to their advantage.

While technology offers numerous benefits for businesses, it is important to remember that it also brings along its own set of risks. Organizations must be aware of these risks and take proactive steps to mitigate them in order to fully maximize the value of new technologies. Internal audit teams can provide critical guidance and support in this effort, helping organizations stay ahead of the curve and make informed decisions about their use of technology.