THE EVOLUTION OF TALENT MANAGEMENT: As the organization evolves, so, too, should internal audit's acquisition and retention strategies.

PositionEye on Business

How should talent management strategies be evolving?

PUNDMANN Organizations are looking for consultative, critical-thinking advisors who understand all sides of the business--from strategy and finance to cybersecurity and culture risk management--for their internal audit teams. As organizations evolve, so do their talent strategies. We're seeing more organizations using rotational or guest auditor programs to engage professionals with diverse areas of expertise outside of internal audit to help address the varied challenges that core internal audit work presents. Because of the variety of challenges internal auditors face, many leading organizations' talent development strategies include internal audit as a key career development assignment.

AINA Today's business environment disruption is driven by technological advancements and generations that know technology and its rapid evolution as the norm. Talent management strategies need to demonstrate that the organization embraces, and is well-positioned to take advantage of, disruptive technologies. These strategies also need to evolve to a talent pool that thrives on change by providing a uniquely diverse set of experiences through opportunities within and outside the functions for which the talent was recruited.

With the growing impact of digitalization, what new skills should CAEs be looking for in candidates?

AINA It depends on where chief audit executives (CAEs) see their organization and industry trending in terms of technology innovation and the associated regulations and risks that CAEs will need to audit. Though not new skills, adaptability, resilience, and innovation to facilitate change are critical for success. How have candidates demonstrated resilience amid change--system changes, policy changes, schedule/deadline changes, team changes, project changes, significant life changes, etc.? Have they driven change through innovation, not just by providing interesting findings and recommendations, but by improving the effectiveness of their own department? CAEs also should look for candidates with a broad understanding of business, with a consultative mindset. And, there is always an expectation that every function will do more with less through the use of technology. IT audit backgrounds are no longer restricted to traditional IT audit experience and information systems degrees. Rather, competence, skills, and experience in computer science/programming, data science and analytics...

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