Terry Grafenstine Takes Helm of IIA Global Board, Puts Spotlight on Tech-Driven Risk Management

The Institute of Internal Auditors (IIA) has appointed Terry Grafenstine as the new Chair of its global board of directors, a decision announced during the organization's annual business meeting and 2024 International Conference held in Washington, DC last week. Grafenstine will serve a two-year term, bringing a wealth of experience to the role.

Grafenstine's career spans over 25 years in key leadership positions across internal audit and IT sectors. Notably, she served as the Inspector General of the U.S. House of Representatives from 2009 to 2017, managing audit, advisory, and investigative services. She currently holds the position of chief audit executive at Pentagon Federal Credit Union, where she oversees comprehensive internal audit operations. Her previous roles include leading global internal audit teams at Citi and serving as a managing director in Deloitte’s Risk and Financial Advisory practice.

Before becoming Chair, Grafenstine held positions on both the IIA’s North American and global boards of directors. She has been recognized as one of the IIA’s “Top Ten Audit Thought Leaders of the Decade” and inducted into the IIA’s Hall of Distinguished Audit Practitioners. Her accolades also include serving as the global chair for ISACA from 2017 to 2018 and being a member of the AICPA board of directors.

“Terry takes the reins as Global Chair at an incredibly exciting time for The IIA,” said Anthony Pugliese, president and CEO of the IIA. “This week, we unveiled our Vision 2035 Report, which revealed the need for the internal audit profession to rapidly embrace technological change to both stay ahead of potential risks and transform our own ways of working. Terry has spent the bulk of her career serving in leadership positions in technology infrastructure and cybersecurity and is exceptionally well-positioned to lead The IIA into the future.”

Emphasizing Technology and Risk Management

Grafenstine’s agenda as chair aims to deepen the understanding of contemporary organizational operations and the associated risks. Her focus will be on proactively addressing complex issues, with a particular emphasis on technology and the essential questions internal auditors must consider to stay ahead of emerging risks.

A key aspect of Grafenstine’s platform will be the evolution of cybersecurity. She plans to enhance the capabilities of internal audit functions to proactively manage cyber governance, risk management, and access controls. Additionally, her platform will address the rise of artificial intelligence (AI), focusing on how internal auditors can anticipate potential risks posed by AI and ensure compliance with evolving regulations.

“At the heart of every successful internal auditor is the ability and desire to ask the right questions – ones that allow the audit function to establish a comprehensive understanding of the risk landscape and develop internal controls which manage potential risk ahead of time,” said Grafenstine. “Over the next year, I look forward to working with The IIA staff and our members to ensure that internal audit functions around the world have the tools and educational resources they need to successfully investigate the most pressing concerns facing organizations today and increase the value they provide to stakeholders.”

Grafenstine’s leadership marks a pivotal moment for the IIA as it addresses the challenges and opportunities presented by technological advancements and an evolving risk landscape. Her extensive experience and forward-thinking approach are expected to guide the internal audit profession into a future where technological adeptness and proactive risk management are paramount.

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