How Two Auditors Earned a Fabulous Payday
Open innovation is not just about product innovation, it can also help businesses, organisations and industries transform their processes. For example, in auditing.
Now the world of auditing is not a place where you’d immediately think the flame of inspiration burns brightly, but that’s because you may not have heard of the 2012 Audit Technology Open Innovation Contest sponsored by TeamMate.
The contest was open to anyone in the audit profession and sought new ideas on how technology could improve the auditing process. More than 600 submissions were received from all over the world and they were judged on broad applicability, design, feasibility, functionality, ability to drive efficiency and user appeal.
Throughout the competition there were eight bi-weekly winners who picked up such prizes as iPads and accessories. But overall the contest selected two grand-prize winners who were each awarded a check for $5,000.
Justin Anderson, manager of Internal Audit at Boston Scientific won for his “Auditor Development Assessments”. This concept focused on integrating assessments of resource performance on audits to enable managers to provide real-time, actionable feedback to ensure auditors are working toward professional progression.
Erica Maciel, manager of Internal Audit at Western Union won for her “Audit Team Collaboration,” which integrates social media components into the audit management system to allow real-time collaboration amongst team members.
“We truly value the opinion of auditors and welcome their ideas on how we can continue to help them leverage technology to overcome challenges and better assess the risks facing their organizations,” said Mike Gowell, vice president and general manager of TeamMate.
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