Touchstone Maturity Model helps chief audit executives assess and plan the development of their functions to better serve their organizations.
Wolters Kluwer today announced its comprehensive, global Touchstone Research for Internal Audit study to provide internal audit professionals and their organizations an in-depth view into the state of the internal audit function. Offering both high-level analysis and detailed segment insights, this important new global study enables a more detailed understanding of the profession in real-time and allows internal audit leaders to benchmark their teams against peers.
The Touchstone Maturity Model for Internal Audit offers a unique view across thirteen operational dimensions mapped to five degrees of maturity. The maturity model provides chief audit executives and senior audit leaders with an in-depth tool to gain real insight into their profession, to measure their team’s skill set, and to inform their roadmap for evolving the internal audit function within their business.
“We recognized a need for a global in-depth study on core practices and strategic direction for the internal audit profession. As a global leader in the Internal Audit market, we are well positioned to deliver on this need,” said Jim Dunham, Executive Vice President & General Manager, Wolters Kluwer TeamMate. “Now, audit leaders have a tool – the Touchstone Research Maturity Model – that allows them to assess their capabilities and create a path to add strategic value to their organization.”
Participants in the Touchstone Research for Internal Audit will receive their placement within the Touchstone Maturity Model for Internal Audit as well as benchmark placement against the full survey results and their peers based on industry, geography, and internal audit department size. The survey is also set up to evolve with changes in market conditions and business dynamics, which will keep the benchmark data fresh and relevant.
“By connecting with auditors across such a broad set of locations and situations, we are more tuned in to the true challenges auditors face today,” said Colleen Knuff, Senior Director of Product Management, Wolters Kluwer TeamMate. “These insights feed directly into our TeamMate expert solutions and help ensure we are supporting audit teams and enabling them to deliver meaningful value to their organizations.”
On August 6, Wolters Kluwer will host a complimentary online webinar as an introduction to the Touchstone Research for Internal Audit. The session will cover the study approach and scope, as well as provide a preview of the insights from this comprehensive global study on the current and future state of internal audit.
Subsequent findings and key insights from the Touchstone Research for Internal Audit will be released over time through a mix of topical reports, webinars, and podcasts. Here is a preview of some of the planned releases through early 2021.
- New perspectives on the importance of Agile Audit, Dynamic Risk Assessment, and Audit Analytics methodologies
- A detailed look at the need to dedicate appropriate audit resources to assess IT risks in the organization
- Understanding and managing risks within third party relationships
About the study
Unprecedented in reach and scope, the ongoing Touchstone Research for Internal Audit study has included close to 1,000 participants from 120 countries to date. The respondents represent single and multinational organizations across many industries as well as government agencies in the public sector. In addition to the number of participants across regions and industries, the close to 90-question in-depth survey was constructed to ensure a deep level of understanding and actionable insights. Organizations and internal audit professionals who participate in the study do not have to be clients or members.
The survey informing the Touchstone Research for Internal Audit continues to remain open to new participants with new entries continually informing the benchmarking tools and augmenting the core data with additional rounds of questions. Audit departments and professionals interested in participating in the study can register here.