Over a lunch discussion facilitated by Protiviti directors Scot Glover and Christine Fitzgerald, members discussed digital transformation’s impact on their organizations as well as the potential advantages digital transformation can deliver.
When asked “What does digital disruption or digital transformation mean to you as audit committee members?” some of the feedback included:
How do we make the leap from desktop to mobile applications for our customers? Data is the new “raw material” for business, and we have to find ways to better manage and monetize it.
We have to better manage how we use data to make our businesses better – go on offense, vs. being only focused on privacy and threats – or always playing defense.
We need to be more focused on our customers’ and suppliers’ needs and using digital tools is very important to that.
Additionally, some key risks considered by group included:
How do our management teams align to a consistent digital strategy?
Should the audit committee be concerned with these risks, or do we need to have other committees involved or form a special risk committee for the board?
Do we have the right people on our current boards who can be asking questions about digital transformation?
Are we hiring the right people in our senior management teams? Are they able to embrace change, and adapt to a more digital business model?
Register for the next meeting on December 6, an in-depth discussion on Robotic Process Automation and Advanced Analytics.