Kolkata, March 14 Geopolitical developments, economic volatility, rapid digitalization, cyber threats, and emerging technologies like artificial intelligence are reshaping the global risk landscape for organizations, posing new challenges for traditional governance and control systems, an industry body said on Saturday.
The Institute of Internal Auditors (IIA) India's Calcutta Chapter made the observation at its Annual Conference 2026, which brought together internal audit professionals, risk practitioners, and industry leaders to discuss the expanding role of internal audit in strengthening corporate governance.
The conference, held under the theme "Internal Audit: Control-Risk-Governance and Beyond," was formally inaugurated by Krishnan Venugopal, President, IIA India. Neeraj Bansal, Head, India Global, KPMG, attended as the Chief Guest and shared perspectives on evolving global risks, board expectations, and the importance of resilient control frameworks.
"India is no longer an isolated economy. Businesses today operate across multiple geographies and are influenced by global geopolitical developments, cyber risks, and rapidly evolving technologies. In such an environment, internal auditors are expected to continuously monitor these risks and help organizations strengthen their governance and control frameworks," said Abin Mukhopadhyay, President, IIA India’s Calcutta Chapter.
He noted that while internal auditors were traditionally focused on verifying transactions and ensuring compliance, they are now expected to assess emerging risks, strengthen governance systems, and play a broader role in organizational growth by adopting a risk-based approach.
Mukhopadhyay also flagged technology as a major risk area, warning that fraudsters are increasingly using sophisticated tools to generate fake documentation or launch phishing attacks, making stronger controls and continuous monitoring mechanisms essential.
"The pace of change has accelerated dramatically. Earlier technology cycles evolved over a decade; today, they can shift within months. This makes continuous learning and professional training essential for internal auditors to remain effective," he said.
The technical sessions explored how internal audit must evolve beyond traditional assurance roles to become forward-looking, insight-driven partners to management and boards.