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Learn At Lunch: IA Role in AI

Harnessing Internal Audit’s role in Artificial Intelligence

Organisations are investing in Artificial Intelligence (AI) to automate, augment, or replace human intelligence. Internal audit is well positioned to be a key contributor to an organisation’s AI-related activities. Whether lending advice on implementation or providing assurance on reliability, internal audit can positively influence the adoption of AI. About 30 Internal Audit professionals attended the Learn At Lunch talk on 21 May 2018 conducted by Mr Vincent Cheang, Managing Director and Director of Internal Audit, GIC and Mr Melvin Yang, Technology Specialist, Handshakes to learn more about internal audit’s role in AI. 

Mr Yang kicked off the talk with his presentation of how internal auditors must understand AI basics, the roles that internal audit can and should play, and AI risks and opportunities. “AI in the business world is fast becoming a reality. While AI can bring about the obsolescence of repetitive and routine processing of tasks, it can also be harnessed as a valuable tool for big data analytics. Organisations who leverage AI to focus on things like emerging risks can gain competitive advantage. Internal auditors can supplement their judgment capacities with AI analytical power to reach a better-informed decision, and consequently provide a higher level of assurance,” said Mr Cheang. Mr Cheang further shared about how internal auditors can meet these challenges by leveraging the IIA’s Artificial Intelligence Auditing Framework to deliver systematic, disciplined methods to evaluate and improve the effectiveness of risk management, control, and governance processes related to AI.

All participants were “sweetened” by the unique door gift of a Kit Kat in celebration of International Internal Audit Awareness Month. 

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