FinanceLeadership

From Risk Traditionalist to Risk Strategist: How Internal Audit Must Evolve

The Institute of Internal Auditors (IIA)
The Institute of Internal Auditors (IIA)•Apr 7, 2026

Why It Matters

In a volatile, fast‑moving risk environment, modernizing internal audit from a retrospective checkpoint to a real‑time strategic partner is essential for boards to make confident, timely decisions and protect enterprise value.

Key Takeaways

  • •Annual audit plans must shift from static to dynamic risk focus.
  • •Traditional findings-centric reports hinder timely decision‑making for leaders.
  • •Adopt rapid risk assessments and continuous monitoring for real‑time insights.
  • •CAEs should prioritize stakeholder confidence over audit plan as product.
  • •Talent must embrace ambiguity and proactive, strategic conversations with C‑suite.

Summary

The video argues that internal audit functions must evolve from "risk traditionalists"—those clinging to annual, findings‑centric plans—to "risk strategists" who provide real‑time confidence for board‑level decisions. Host Erin Maney and EY’s Jess Rogers explain why the legacy model, built for a linear, slow‑moving risk environment, is misaligned with today’s NAVI (non‑linear, accelerated, volatile, interconnected) landscape. Key insights include three outdated assumptions: the audit plan is the product, findings equal wins, and independence means staying distant. Rogers stresses that the product should be organizational confidence, that value lies in driving change rather than tallying findings, and that true independence requires courageous, timely conversations with leadership. Metrics must shift from count‑based outputs to stakeholder perception, early risk identification, and talent mobility. A concrete illustration follows a new CAE who spent 30 days listening to the C‑suite before redesigning the audit approach. She piloted a rapid risk assessment, delivered concise two‑page insight memos, and built advocacy that unlocked broader transformation. Rogers also notes that traditional reports—often 40 pages—are too slow and opaque for executives needing swift, actionable intelligence. The implication is clear: internal audit must become a strategic navigator, leveraging continuous monitoring, rapid‑cycle assessments, and concise communication to close the latency gap between risk emergence and leadership awareness. Organizations that adopt this mindset will enhance decision velocity, reduce exposure to cascading risks, and position audit as a talent magnet and a trusted advisor rather than a compliance checkpoint.

Original Description

The Institute of Internal Auditors Presents: All Things Internal Audit 
What does it take to move an internal audit function from being risk traditionalists to risk strategists, and what's quietly holding most teams back?
In this companion episode to Internal Auditor magazine’s “Becoming a Risk Strategist” (https://iia.mydigitalpublication.com/april-2026/page-49) article, host Erin Banet sits down with Jess Rodgers to examine why the traditional audit model no longer fits the world we're operating in, and what leaders need to unlearn before they can change it. You'll hear three assumptions most audit teams are still running on, a real-world example of transformation done right, and one concrete action CAEs can take in the next six months to start shifting their function's standing with leadership.
HOST:
Erin Banet, CPA
Chief Audit and Risk Officer, Humana
GUEST:
Jess Rodgers, CIA, CPA 
Global Internal Audit Leader, EY
Vice Chair, Finance, IIA North American Board
KEY POINTS:
Introduction [00:00:02 - 00:00:25]
What Defines a Risk Traditionalist Function [00:00:51 - 00:02:31]
Why the Traditional Model No Longer Works [00:02:37 - 00:04:22]
Assumptions Internal Audit Must Unlearn [00:04:28 - 00:06:39]
The Mindset Shift Required for Transformation [00:06:44 - 00:08:44]
A Real-World Transformation Example [00:08:44 - 00:11:10]
Where Traditional Approaches Fall Short [00:11:10 - 00:13:36]
Measuring Success as a Risk Strategist [00:13:36 - 00:15:27]
Decision Velocity in Practice [00:15:27 - 00:17:25]
Common Barriers to Transformation [00:17:25 - 00:19:23]
One Action Leaders Can Take Now [00:19:23 - 00:21:03]
Advice for CAEs Navigating the Transition [00:21:22 - 00:23:06]
Driving Change Within Audit Teams [00:23:06 - 00:24:36]
Closing Thoughts [00:24:36 - 00:25:05]
Visit The IIA’s website for related topics and more.
RELATED CONTENT: 
Interested in this topic? Visit the links below for more resources:
Becoming a Risk Strategist — Internal Auditor Magazine (April Issue)
Global Internal Audit Standards
Vison 2035
GTAG: Continuous Auditing and Monitoring
Learning Solutions: Agile Auditing
Global Guidance: Developing a Risk-Based Internal Audit Plan, 2nd Edition
Learning Solutions: Fundamentals of Risk-based Auditing
Become a Certified Internal Auditor (CIA)
Risk in Focus 2026
EY Global Risk Transformation Study
Follow All Things Internal Audit:
Apple Podcasts
Spotify
Libsyn
Deezer

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