Blog: What the Equifax Settlement Signals About the Importance of Internal Audit

In his blog, IIA President and CEO Richard Chambers, CIA, QIAL, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession. Here’s an excerpt from his latest post:

The Equifax debacle, which left the personal data of nearly half of the U.S. population exposed, continues to offer lessons for internal audit practitioners, other risk management players, and organizational stakeholders.

The recent settlement between Equifax and eight states, which brought suit following the credit reporting agency’s massive data breach, signals the end to those legal proceedings. But I believe its details also reflect a bold statement about the importance of internal audit: A strong system of risk management and internal controls must include an independent, well-resourced internal audit function that addresses the full portfolio of an organization’s risks.

Indeed, scandals from Volkswagen to Wells Fargo to Equifax have heightened awareness that all players in risk management must work collectively and equally to succeed. Ultimately, there are consequences whenever key components of systems of risk management fail.

Read the full InternalAuditor.org blog post from IIA President and CEO Richard Chambers.​​​​​