Harnessing the Power of Generative AI: How Internal Audit Teams Can Mitigate Risks and Maximize Benefits

Organizations are increasingly relying on technology to drive their operations, with 60% of business and risk leaders viewing generative AI (GenAI) as an opportunity for growth. However, this reliance comes with its own set of risks, particularly as organizations become more dependent on technology.

To address these risks, internal audit teams can play a critical role in helping organizations navigate the challenges of new technology adoption and implementation. By working closely with key stakeholders, internal audit teams can identify potential risks and develop effective strategies to minimize them while maximizing the value of new technologies.

One key step that internal audit teams can take is to assess the current IT infrastructure and controls in place to ensure they are robust enough to support the implementation of new technologies. This may involve reviewing existing policies and procedures, identifying gaps and weaknesses, and developing strategies to address them.

Internal audit teams can also collaborate with other departments within the organization to stay informed about the latest technological trends and how they might impact the organization’s operations. This requires ongoing communication and coordination with other stakeholders, as well as a willingness to adapt quickly to changing circumstances.

Ultimately, by taking these steps, internal audit teams can help organizations stay ahead of the curve when it comes to technology adoption and implementation, minimizing risks while maximizing opportunities for growth and success.