Why is data analysis so critical to the future of Internal Audit and Vanguard overall?
Chris: A challenge for the Internal Audit department is being able to keep pace with changes taking place in the business. New products and client service offerings, technology transformations, continued global expansion, and an evolving regulatory landscape are contributing to an unprecedented velocity of change at Vanguard. With this in mind, how do we, as Internal Audit, continue to provide coverage over an evolving risk landscape that grows proportionally to the rate of change?
One of the ways Internal Audit can scale to meet this growing demand is through the effective and efficient use of data analysis. If used properly, it can allow us to make smarter, better informed decisions on where to allocate our resources, automate manual processes, test full populations of data in minutes, not days, and monitor the health of our control environment with minimal effort. Data analysis provides us the opportunity to work smarter and make more efficient use of our finite resources which is critical in carrying out our mission of protecting Vanguard’s investors.