NEW! Global Knowledge Brief, Data Ethics – Where does internal audit fit?
Learn why all parties must expand their knowledge as the regulatory environment around data ethics evolves
The Institute of Internal Auditors released a new Global Knowledge Brief, “Data Ethics – Where does internal audit fit?” This brief explores organizational conduct and the potential associated reputational and financial damages for failure to establish proper data governance. This increases both the potential risk for organizations and real opportunity for internal audit.
Information technology evolves on a daily basis. How data is obtained and processed via technology, the sheer volume of data, and the numerous ways it is created and transmitted has brought the new concept of data ethics to the forefront of data-related conversations. With so much data and information at our disposal, it is essential to have a comprehensive data governance strategy in place to protect the privacy of consumers, employees, and other key stakeholders along with corporate assets, including patents, trademarks, and other intellectual property
Although this poses a challenge, it also presents an opportunity for internal auditors to further provide value to their organizations. By incorporating internal control activities relating to data protection and data ethics into risk assessments and regular engagements, internal auditors can understand how their organizations obtain and handle all types of data, and if they do so in an ethical way.
As the conversation involving data ethics continues to mature and more organizations become aware of the concepts, the role of internal audit will only continue to grow in importance.
