This interactive one day course is designed for Heads of Audit to give an overview of data analytics on a strategic level. Focusing on the integration of analytics into the department, this course assesses the benefits of introducing analytics to the audit team, what measures need to be put in place, the various tools available as well as the skill set required as part of the team. We will also discuss how to use analytics to create and measure value.
Attendees will leave the course with an understanding of the value of analytics for Internal Audit and the knowledge to create a platform and team capable of implementing data analytics within their own organisations.
This first section will provide the bedrock of everything that will follow and give attendees an idea of what data actually is and how data analytics has developed over time. As every company is different, this section will help attendees to develop a sense of the history of analytics so that they can begin to apply this knowledge (and the common pitfalls to avoid) to their own organisations. We will also introduce People – Process – Technology – a useful guide for three key themes that will be used throughout this and later courses.
This section covers one of the biggest stumbling blocks when setting up a data analytics strategy, obtaining buy in from the rest of the organisation and IT. Incorporating a case study from Royal Mail we will look at building a change management plan into the process. How best to involve other departments rather than excluding them.
Most audit leaders will understand the need to invest in analytics, but they may not have access to the data they need, know how to use it, or know how it fits into their strategy. In this hour we provide a brief overview of different analytic techniques and how companies are deploying these analytics to improve performance, tighten controls and gain a competitive edge. We will look at specific use cases that highlight the strategic and operational benefits that companies can achieve through data analytics.
This is the process part of setting up your data strategy. We look at establishing the company’s competencies defining the business problem and what insights are needed. We will then discuss how to define, score and prioritise analytics projects before creating an effective roadmap which can be used to guide the project. We will also touch upon how this can be used to engage all three lines of defence.
Measurement is an essential way to determine the effectiveness of the analytics project. Utilising this framework to gauge ROI Audit Leaders can continue to make strategic decisions in analytics capabilities and ensure tangible results. Much more than just Return On Investment, our final session will discuss the quality of decision making and the speed to insight as further measures of value.
