A few years ago I briefly mentioned the Internet of Things in questioning whether internal audit and compliance can ever tame increasingly emerging and complex technology. Not surprisingly, the IoT has since become even more positioned to become an integral part of everyone’s lives.
Where disruptive innovations may have once taken a decade or more to transform an industry, research shows the elapsed time frame to disruption has compressed considerably. The rise of Internet-connected devices and systems bring both new opportunities and risk for modern organizations. Internal audit, as the third (and last) line of defense can play a role in identifying and defending risks that emerge. And with compliance as part of an enterprise-wide risk assessment, there are also roles for both on the importance, benefits, and competitive edge that the IoT can bring.
