Last week, RILA convened our community of internal audit executives for a bi-annual in-person meeting at Tractor Supply Company headquarters in Brentwood, Tennessee. The meeting serves as an opportunity for industry peers to network, benchmark, and discuss hot topics related to internal audit practices in the retail industry.
With attendees from Apple, AutoZone, Dollar General, Home Depot, Target, and more, the meeting was one of the committee's most successful yet. Below are highlights from the program.
Benchmarking & Interactive Sessions
- Attendees participated in peer-to-peer a benchmarking session on a variety of relevant topics, including:
- Measuring internal audit department performance
- The ERM function's placement within the organization
- Auditing an agile company
- Auditing "buy online, pick up in store" processes
- Handling store audits
- Inventory cycle counts
- Karen Hold, president of Experience Labs, led an interactive "Journey Map" exercise with attendees focusing on recruitment, training, and retention of internal audit talent.
Member Case Studies/Executive Spotlights
- Walmart's Vice President of Global Audit Services Vicki Chinchar presented a case study on Walmart's Rapid Automation Project, which included a discussion on how the retailer identified opportunities for automation and how they subsequently built the business case for implementation.
- Tractor Supply's Vice President of Legal Karen Austen shared insights on fostering collaboration between legal and internal audit departments.
- Tractor Supply's Vice President of IT Infrastructure, Operations, and Information Security Michael Mangold and Vice President of Audit Jim Hays discussed collaboration between IT security and internal audit departments as it pertains to the California Consumer Privacy Act
- PwC Principal Bob Hesselgesser and Director Bob Herman led an overview of eight emerging technologies and their potential impact on internal audit functions.
- Josh Trusley, partner, assurance service for EY presented on best practices for external and internal audit partnerships.
- Nathan Roe, senior manager, IT Risk & Insurance for EY discussed the California Consumer Privacy Act and its implications for retailers.
For more information on RILA's Internal Audit Committee, please reach out to Kathleen McGuigan.