The Great Resignation from Internal Audit

By Bill Penczak

Date: 02-25-23

Smart people are forced to do repetitive and mundane work. No wonder they’re looking for the exit.

Why the Great Resignation from Internal Audit is a Technology Issue, Not a People Issue

The Problem

Each month of 2022 has seen 2 million people quit their jobs, and recent data suggests this trend will continue for the foreseeable future. These issues are across industries and job functions, but in finance and internal audit departments, there is a known but not often addressed issue causing people to seek career nirvana elsewhere.

Smart people being forced to do repetitive and mundane work.

Nearly two-thirds of teams spend 10 people-hours a week on mind-numbing manual tasks related to Accounts Payable.

The ThinkRisk platform is already in place in organizations across the world, improving the outputs and effectiveness of internal audit departments:

Technology Solution

The fact is that technology, like the SaaS solution offered by ThinkRisk, can eliminate most of the time currently spent to uncover financial reporting anomalies due to error or fraud. In one client use case, for example, ThinkRisk reduced annual time by 400 hours vs. the manual discovery process.

Growing Adoption

ThinkRisk is being used across the world, in a variety of industries, to help companies and their people to work smarter, not harder. Through the use of artificial intelligence and machine learning, ThinkRisk clients in internal audit, finance and accounting have been able to find more anomalies, in less time, and remedy them in ways they have never been able to in the past. These empowered professionals can now serve as better business partners for their business unit clients rather than serving as compliance police.

The Next Step

It is likely you have really smart people whose highest and best use could be the remediation of anomalies or refining internal processes that prevent these anomalies from occurring in the first place.

You’ll be happier with results, and your internal auditors will be happier with their work assignments and career path, maybe enough to reconsider a move down the street to a competitor.

ThinkRisk requires no data migration, an intuitive dashboard, the ability to customize risk categories based on your company or industry risk profiles, and an extremely fast ROI model.

Talk to us to learn more about how ThinkRisk can reduce mind-numbing work in your organization

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