All internal audit departments are feeling the same pressure from stakeholders to be more efficient in our projects while at the same time still cover the different and constantly changing risks universe. Software and consulting vendors are also promising a new golden age if we embrace the new technology with which they can provide us.
At the same time these pressures take place, the auditees also face a similar challenge about a digitalized and automatized new paradigm.
This leaves us under a perfect storm scenario. We are not sure about the storm direction, neither its duration, but there is one thing we know for certain: the traditional audit role and the traditional auditor have a short useful life span.
To manage this scenario, we are working hard in Ferrovial to identify the storm characteristics, analyze our “boat” to ascertain our strengths, benchmark what other “vessels” may be doing, and we ask the experts for advice.
This process has led us to define different actions plans. We soon realized that some plans may not be feasible, while we had to put on hold others as we still think they are feasible but there is an element that is not yet mature enough to deliver us value for money today. Fortunately, we do have some good news that may be producing real, tangible results in the close future.
What we plan to present is a very transparent example about our current journey and our roadmap for an effective internal audit digitalization project. We will not only highlight about our success stories but also our suffering bottlenecks.
Chief Audit Executive