Maximizing Technology Value, Minimizing Risk: The Importance of Internal Audit in the Age of Generative AI

As technology continues to play an increasingly important role in the operations of organizations, it is essential for them to review their risk landscape. A recent survey by PwC found 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, preparing for investments in new technology can also be seen as a major concern for 57% of respondents, especially with regards to the risks associated with technology adoption and implementation.

One way that organizations can navigate these risks is by working closely with internal audit teams. By collaborating with key stakeholders and developing effective risk management strategies, internal audit teams can help organizations identify potential risks associated with new technologies and minimize their impact. Additionally, by assessing the current IT infrastructure and controls in place, they can ensure that these systems are robust enough to support the implementation of new technologies.

To add value in this effort, internal audit teams can also stay informed about the latest technological trends and collaborate with other departments within the organization. By doing so, they can help organizations stay ahead of the curve and leverage technology to their advantage while minimizing potential risks associated with adoption and implementation. Overall, internal audit plays a crucial role in helping organizations maximize the value of new technologies while minimizing their associated risks.