How Technology is Shaping the Future of Business: Balancing Opportunities with Risks and Navigating with Internal Audit Teams

Technology has become a vital tool for organizations in today’s world, playing a key role in almost every aspect of their operations. While new technology offers numerous benefits, it also brings along its own set of risks, especially as organizations become more reliant on it. In a recent survey by PwC, 60% of business and risk leaders viewed generative AI (GenAI) as an opportunity, highlighting the importance of new technology tools in the business landscape. However, preparing for investments in new technology is seen as the main trigger for organizations to review their risk landscape, with 57% of respondents citing this as a major concern.

Internal audit teams can play a crucial role in helping organizations navigate these risks by developing effective strategies to minimize them and maximize the value of new technologies. To add value in this effort, internal audit teams can take several steps. Firstly, they can work closely with key stakeholders to identify potential risks associated with new technologies and develop effective risk management strategies. Additionally, they can assess the current IT infrastructure and controls in place to ensure they are robust enough to support the implementation of new technologies. 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.