Published on June 27, 2024
Tata Technologies hosted the Tata Group Chief Audit Executive (CAE) Conference at its corporate headquarters in Pune on May 21, 2024. The daylong session brought together over 35 internal audit (IA) practitioners from within the Tata group. The agenda also included a visit to Tata Technologies labs, sessions by external experts, visit to Tata Technologies’ experience centre and a session with Warren Kevin Harris, CEO & MD, Tata Technologies.
Internal audit at Tata Technologies: A look inside
Sujit Dixit, Head, Internal Audit, Tata Technologies, kicked off the conference with an overview of the company's internal audit functions. He highlighted innovative tools like SharePoint-based workflow for data analysis, iComply (a customised compliance management system), and contract ifecycle management systems.
ESG in business practices
Following Sujit’s session, Dr Taruna Saxena, Partner, ESG and Risk Consulting; and Varun Hebbar, Partner, Risk Consulting, Grant Thorton Bharat LLP, presented on the role of IA in environmental, social, and governance (ESG). They outlined key checkpoints for auditors to integrate ESG considerations into business practices.
Digital and AXIA lab visit: Exploring future technologies
During the visit to the Tata Technologies labs, participants got an immersive experience in future technologies:
Customer Experience Centre: A ground-breaking concept that brings the automobile showroom experience directly to its customers. Through virtual experiences, visitors can now explore a wide array of vehicles, take virtual test drives, and access statistical data for informed decision-making.
Factory of the Future (FOF): Tata Technologies showcased its revolutionary FOF concept featuring technologies like autonomous mobile robots for efficient pick and place operations and computer vision systems for enhanced productivity. Participants also learned how generative AI is streamlining shop floor operations, enhancing maintenance processes, and utilising AR & VR glasses for immersive operator training.
AXIA Lab: This visit showcased AXIA’s cutting-edge engineering services and its unique proposition as a premier engineering service provider. The visit sparked engaging discussions and inquiries from the auditors.
IIA round table with Dr Rainer Lenz: The human touch in auditing
Dr Rainer Lenz, Chief Internal Auditor, SAF-HOLLAND Group, presented a thought-provoking session titled "There is No Need for Humans Who Behave like Robots”. He emphasised the importance of a human touch in auditing, urging professionals to transcend robotic routines and instead cultivate a mindset akin to gardeners -- fostering growth, resilience, and integrity within organisations. The session sparked engaging discussions on the pivotal role internal auditors play in upholding transparency, accountability, and ethical practices.
Lifelong learning as an internal auditor: Satyajit Goshal, Former Head of IA, Tata Chemicals
In his address, Satyajit summarised his 36 years of experience as an internal auditor. He highlighted three prerequisites of a successful career in IA: Strong relationships with the MD/CEO and the audit committee chair; taking charge of things in internal audit as the CEO of the organisation; and assessing one’s internal audit quotient (on a scale of 1 to 10) monthly. The four attributes of internal audit quotient are:
- How one reacts to a situation?
- How is one reacting to comments of people?
- How is one reacting when they hear people talking about them? If one gets very reactive then the quotient will be low.
- How often is one comparing themselves with others? If one is constantly comparative, the quotient is low.
Insights from Warren Kevin Harris, CEO and MD, Tata Technologies
The day ended on a high note with a session with Warren who shared insights on internal audit at Tata Technologies and the company's journey since its inception. He discussed the evolution of internal audit practices within the organisation and highlighted key takeaways from their transformative journey.
As a next step, TBExG is supporting the IA forum by developing a repository of corporate frauds and a group level benchmarking study on IA. This benchmarking study will be completed with inputs from IA heads of Tata group companies.
About Tata Internal Audit Forum
In line with group focus areas, TBExG has instituted group-level forums on internal audit, supply chain, data excellence, and treasury and investment management. TBExG, with the support of group companies, organises quarterly best practices sessions on subjects of interest for the respective forum. These forums have brought together over five hundred subject experts from more than fifty group companies. Many companies have been able to leverage the learnings from these sessions to improve their existing processes.
The Tata Internal Audit Forum is a congregation of internal audit heads from more than forty Tata companies. Instituted formally by TBExG in 2023, the session at Tata Technologies was the seventh meeting of this forum.
Participant Speak
Another fantastic session this time hosted by the youngest listed company in the group, Tata Technologies, supported by TBExG. Some great insights about the company from Sujit Dixit; CAE and the MD Warren Harris showcasing how the organisation is living up to its vision of ‘engineer a better world’. The session by Dr Rainer Lenz brought an international thought leader to share his views on the future of Internal Audit. A really great event I will remember, thanks to all the Tata colleagues who joined to make it a success.
— Ratul Neogi, Head - Internal Audit, Trent