In its report, the Chartered Institute of Internal Auditors (Chartered IIA) encouraged internal auditors to ‘fully embrace’ data analytics to help improve risk assurance and strategy.

With the pandemic, the war in Ukraine and now a recession, business-critical risks have been exacerbated, causing many businesses to struggle to stay afloat.

These major risk events are having detrimental effects on supply chains, inflation, growth, costs and cybersecurity, the report warned.

However, in these challenging times harnessing and embracing data analytics can help enable auditors to deliver faster and more incisive insights on escalating risks, which can allow boards to act more swiftly.