Data Analytics: A Journey from Hindsight to Insight to Foresight by an Airline Insider
This past week I was excited to collaborate with CaseWare Analytics to deliver a webinar on how to increase the maturity of your data analytics to generate more effective insights into your business. Co-presented by CaseWare Analytics Account Executive, Rohit Kundu, the ‘Data Analytics and the Journey from Hindsight to Insight to Foresight’ webinar addressed how Internal Audit groups can take their use of data analytics in traditional auditing, a typical hindsight view, and grow it to maximize value to their organization by providing management with deeper insight into their data and providing more predictive information to give the business some foresight to make better decisions on risk.
With Internal Audit today being asked to do more with less and provide continuing value to the organization, it’s more important than ever to offer management valuable insights and to do it more effectively and efficiently. Providing analysis on historical data and identifying anomalies to procedural compliance will always have its place and with data analytics we can provide this with ever-increasing efficiency and effectiveness. To bring real insight to the business, audit teams need to be able to analyze data by finding patterns and relationships that matter to management and can give them greater insights into the issues they are dealing with. In our webinar, we discussed the use of data analytics and continuous monitoring to empower auditors with a next-generation solution so they can stay ahead of risks.
This of course presents the question: how do we take what we do in hindsight and move toward foresight? To answer this question, we put forth a few key steps to move you closer to foresight by:
- Focusing more on the decisions that management has to make and what key information and data sources they rely on;
- Understanding technology that continuously monitors all data and transactions and keeps you ahead of changing business needs;
- Investing in your team to build their analytic skillset; and
- Starting in a specific area of your business that will yield return on investment and help you bring recommendations to your stakeholders based on foresight and insight
Missed out on this great webinar? Don’t worry, CaseWare Analytics has other exciting presentations on the way that are sure to pique your interest! Check their events page often to stay up to date on future events and webinars.
About the Author
Andrew Behnke is the Manager, IT Audit, Risk and Compliance for Air Canada, where he and his team focus on risk and assurance services over Information Technology, including security. He also specializes in data analytics assignments, analyzing volumes of data for the Audit, Risk and Compliance team using IDEA® Data Analysis software.