In recent years, the world has seen exponential growth in the amount of data being captured, processed and stored by organisations, mirrored by a relative reduction in the cost of data storage itself. As a result, the timely, accurate analysis and appropriate management of these vast amounts of data (‘big data’) is where organisations can recognise real business value. Global technology companies are facilitating organisations in this endeavour by collaborating with them in the development of Artificial Intelligence (AI).
The internal auditing profession cannot sit on its laurels for fear of being left behind in what may be the next digital revolution – AI. To prepare, internal auditors must understand the fundamentals of AI, the role that internal audit should play in it, as well as its underlying benefits and risks.
We can assist internal audit functions in navigating the challenges of AI by recalibrating their plans, expertise and methodologies to cater for same. This will ensure they are best placed to critically assess the effectiveness of AI risk management, control and governance processes.