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In our recent webinar, "Powering the Evolution of Internal Audit," we explored the changing landscape of organisational change and its implications for Internal Audit. Let's dive into the key insights that emerged from our discussion.

The New Reality of Change Programmes

The complexity and scale of change initiatives have grown significantly in recent years. Consider these trends:

Today, 80% of change programs are classified as highly complex, up from 50% a decade ago.
Many organisations are increasing their year-over-year investment in change by up to 50%.

As you well know, this increased complexity brings heightened risk. A Harvard Business School study found that 70% of complex projects fail to meet their original objectives. Moreover, these programs tend to "leak" an average of 30% of their expected ROI by completion.

The Internal Audit Dilemma

In conversations with your peers, we've identified three primary challenges:

Time Constraints: Project audits often take up to 60 days, by which time the findings may no longer be relevant.
Limited Coverage: Resource constraints mean only a fraction of change initiatives can be thoroughly audited.
Depth of Analysis: There's a struggle to identify root causes rather than just symptoms of project issues.

These challenges aren't just frustrating - they're limiting the strategic value Internal Audit can provide to the organisation.

Rethinking the Approach to Assurance

Traditional audit methodologies, while thorough, often fall short in this new environment. They tend to focus on process adherence and controls, sometimes at the expense of providing timely, actionable insights.

This is where data-driven approaches, like Proteus Project Assurance, come into play. By leveraging data from over 45,000 project reviews and combining it with expert analysis, we can offer:

Rapid benchmarking against industry best practices
Predictive analysis of success probability
Actionable recommendations delivered in days, not months
Comprehensive analysis of trends across the entire change portfolio
The Evolution of Internal Audit

By adopting these modern approaches, we're seeing Internal Audit teams transform their role within organisations:

They're delivering insights that keep pace with rapid change, often preempting issues before they arise.
They're providing a more comprehensive view of organizational risk exposure across the change portfolio.
They're increasing their credibility with Audit Committees through data-driven, forward-looking findings.
Perhaps most importantly, they're becoming trusted advisors to business teams, actively sought out for their insights on change initiatives.
Looking Ahead

As the pace and complexity of change continue to accelerate, the evolution of Internal Audit is not just beneficial - it's essential. By embracing data-driven methodologies and focusing on predictive, actionable insights, your team can play a pivotal role in guiding your organisation through complex change initiatives.

We encourage you to reflect on how these insights align with your experiences. Are you seeing similar trends in your organization? How might these approaches enhance your team's impact?

If you missed the live webinar, we invite you to watch the recording for a deeper dive into these concepts. And of course, we're always here to discuss how Proteus can help power the evolution of your Internal Audit function.

If you'd like to hear more from our expert consultants, let's talk.