Compliance Assurance? Can an auditor do it?
If you have exhausted your inner internal audit mojo, perhaps compliance assurance is your next port of call
1 min read
Transitioning from internal audit to compliance assurance involves understanding the nuances of both roles and acquiring additional skills. Here are some steps and considerations:
Understand the Differences:
Internal Audit: Internal auditors focus on assessing risks, controls, and governance processes within an organisation. They provide independent and objective assurance.
Compliance Assurance: Compliance professionals ensure adherence to laws, regulations, and internal policies. Their focus is on specific compliance requirements.
Certifications and Training:
Consider obtaining relevant certifications:
IIA Award in Compliance Audit and Assurance: This course provides a framework for those working in compliance or assurance roles. It covers topics like risk assessment, control design, and compliance reporting.
Certified Information Systems Auditor (CISA): If you’re interested in cybersecurity compliance, CISA is valuable.
Expand Your Knowledge:
Learn about specific compliance areas relevant to your industry (e.g., financial regulations, data privacy, anti-money laundering).
Understand the legal and regulatory landscape affecting your organisation.
Collaborate with Compliance Teams:
Engage with compliance professionals to learn their processes, challenges, and methodologies.
Collaborate on joint projects to gain practical experience.
Develop Soft Skills:
Communication: Effective communication is crucial in compliance roles. You’ll interact with stakeholders, explain regulations, and ensure adherence.
Attention to Detail: Compliance requires meticulous attention to rules and policies.
Analytical Skills: Assessing compliance gaps and identifying solutions demand analytical thinking.
Bridge the Gap:
Leverage your internal audit experience:
Risk Assessment: Use your risk assessment skills to identify compliance risks.
Controls Evaluation: Evaluate controls for compliance effectiveness.
Reporting: Translate audit findings into actionable compliance recommendations.
Stay Updated:
Compliance requirements evolve. Stay informed about legal changes, industry standards, and best practices.
Remember, the transition involves a mindset shift from auditing processes to ensuring adherence. Embrace the challenge, build on your existing skills, and contribute to effective compliance within your organisation!