Attributes of Outstanding Trusted Advisors: Ethical Resilience and Results Focus

 
Becoming a
Trusted Advisor
 
Michael Redmond
Director of Internal Audit
Louisiana’s Community and
Technical Colleges
 
October 28, 2022 – Fall Conference
 
ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS
Ethical
Resilience
Results
Focused
Intellectually
Curious
Open
Mindedness
Dynamic
Communicators
Insightful
Relationships
Inspirational
Leaders
Critical
Thinkers
Technical
Expertise
Ethical
Resilience
 
Ethical Resilience
 
Integrity – High moral standards
Courage – Brave enough to do the right thing
Honesty – Deal in truthfulness
Accountability – Take responsibility for our actions
Trustworthiness – A history of ethical behavior
Ethical
Resilience
Technical
Expertise
Critical
Thinkers
 
PROFESSIONAL
Inspirational
Leaders
Insightful
Relationships
Dynamic
Communicators
 
RELATIONAL
Open
Mindedness
Intellectually
Curious
Results
Focused
Ethical
Resilience
 
PERSONAL
 
ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS
Results
Focused
 
Results Oriented
 
IIA Standard 2300 – PERFORMING THE ENGAGEMENT
 
Internal auditors must identify, analyze, evaluate, and document sufficient
information to achieve the engagement's objectives.
 
IIA Standard 2310 – IDENTIFYING INFORMATION
 
Internal auditors must identify sufficient, reliable, relevant, and useful
information to achieve the engagement's objectives.
 
IIA Standard 2320 – ANALYSIS AND EVALUATION
 
Internal auditors must base conclusions and engagement results on
appropriate analyses and evaluations.​
 
Results Focused
 
“It’s hard to say we’re adding value if people just read our reports and
file them away.”
 
“I don’t need someone to come in and tell me I have problems. I know I
have problems. I need someone to come in and tell me how to fix
them.”
 
“If our findings only consisted of conditions, then we should just call
ourselves inspectors.”
 
Results Focused
 
Traits of a Results Focused Auditor
Productivity
Persistence
Timeliness
Perspective
Results
Focused
Technical
Expertise
Critical
Thinkers
 
PROFESSIONAL
Inspirational
Leaders
Insightful
Relationships
Dynamic
Communicators
 
RELATIONAL
Open
Mindedness
Intellectually
Curious
Results
Focused
Ethical
Resilience
 
PERSONAL
 
ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS
Intellectually
Curious
 
Intellectually Curious
 
Root Cause
Intelligent use of WHY
The 5 “Why?”s
Timing
Healthy Skepticism, not Suspicion
Intuition
Lifelong Learning
Intellectually
Curious
Technical
Expertise
Critical
Thinkers
 
PROFESSIONAL
Inspirational
Leaders
Insightful
Relationships
Dynamic
Communicators
 
RELATIONAL
Open
Mindedness
Intellectually
Curious
Results
Focused
Ethical
Resilience
 
PERSONAL
 
ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS
Open
Mindedness
 
Open Mindedness
 
Acknowledges Diversity of Thought
Learns From Failures
Don’t Dwell on the Past
Get to the Bottom of the Issue
Be Creative
Be Collaborative
 
Open Mindedness
 
1100 – INDEPENDENCE AND OBJECTIVITY
The internal audit activity must be independent, and
internal auditors must be objective in performing their
work.
 
Interpretation
…Objectivity requires that internal auditors do not
subordinate their judgment on audit matters to
others….
Open
Mindedness
Technical
Expertise
Critical
Thinkers
 
PROFESSIONAL
Inspirational
Leaders
Insightful
Relationships
Dynamic
Communicators
 
RELATIONAL
Open
Mindedness
Intellectually
Curious
Results
Focused
Ethical
Resilience
 
PERSONAL
 
ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS
Dynamic
Communicators
 
Dynamic Communicators
 
Communicate so as not to be misunderstood
Be approachable. Better yet, do the approaching.
Watch your tone.
Avoid these five words or phrases:
Failed, Inadequate, Ineffective, We Found, It Appears
Include Management Accomplishments
Listen to understand, not to reply
 
Dynamic Communicators
 
Don’t use 10 words when 5 will do.
Make use charts, graphs and dashboards.
Put yourself in the client’s position
 
Recruit audit skills and train communications skills
or
Recruit communications skills and train audit skills
Dynamic
Communicators
Technical
Expertise
Critical
Thinkers
 
PROFESSIONAL
Inspirational
Leaders
Insightful
Relationships
Dynamic
Communicators
 
RELATIONAL
Open
Mindedness
Intellectually
Curious
Results
Focused
Ethical
Resilience
 
PERSONAL
 
ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS
Insightful
Relationships
 
Insightful Relationships
 
Relationship building begins at home.
Relationships break the notion that internal auditors are the
enemy.
People talk in healthy relationships.
Get a seat at the table
Be approachable
Be in for the long haul
Be aware of and care for perception of others
Insightful
Relationships
Technical
Expertise
Critical
Thinkers
 
PROFESSIONAL
Inspirational
Leaders
Insightful
Relationships
Dynamic
Communicators
 
RELATIONAL
Open
Mindedness
Intellectually
Curious
Results
Focused
Ethical
Resilience
 
PERSONAL
 
ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS
Inspirational
Leaders
 
Inspirational Leaders
 
“Good enough” is not good enough
Visionary agents of change
A mindset of rethinking and reframing
Don’t just want a paycheck. They want a purpose.
Advocate for what is right.
Inspirational
Leaders
Technical
Expertise
Critical
Thinkers
 
PROFESSIONAL
Inspirational
Leaders
Insightful
Relationships
Dynamic
Communicators
 
RELATIONAL
Open
Mindedness
Intellectually
Curious
Results
Focused
Ethical
Resilience
 
PERSONAL
 
ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS
Critical
Thinkers
 
Critical Thinkers
 
“… the intellectually disciplined process of actively and
skillfully conceptualizing, applying, analyzing,
synthesizing, and/or evaluating information gathered
from, or generated by, observations, experience,
reflections, reasoning, or communication, as a guide to
belief or action.”
National Council for Excellence in Critical Thinking (NCECT)
 
Critical Thinkers
 
“…the ability to take information or a set of
circumstances, consider the inherent challenges or
weaknesses, identify deviation from acceptable
criteria, an dthen do a root cause analysis to fully
understand why something did or did not occur.”
Trusted Advisors, by Richard Chambers
 
Critical Thinkers
 
Auditing is no longer PASS/FAIL. Judgement is needed.
We don’t settle for the first feasible answer. We look
for the correct answer.
Not without obstacles:
Your personal opinion does not matter.
Familiarity leads to preconceived notions.
Incomplete information
Failure to follow through
Critical
Thinkers
Technical
Expertise
Critical
Thinkers
 
PROFESSIONAL
Inspirational
Leaders
Insightful
Relationships
Dynamic
Communicators
 
RELATIONAL
Open
Mindedness
Intellectually
Curious
Results
Focused
Ethical
Resilience
 
PERSONAL
 
ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS
Technical
Expertise
 
Technical Expertise
 
Business Acumen
Organizational Politics
Opportunities and Challenges
Know YOUR Business
Call in Reinforcements
Capitalize on Technology
Technical
Expertise
Technical
Expertise
Critical
Thinkers
 
PROFESSIONAL
Inspirational
Leaders
Insightful
Relationships
Dynamic
Communicators
 
RELATIONAL
Open
Mindedness
Intellectually
Curious
Results
Focused
Ethical
Resilience
 
PERSONAL
 
ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS
 
Thank You
 
Becoming a
Trusted Advisor
 
Michael Redmond
Director of Internal Audit
Louisiana’s Community and
Technical Colleges
 
October 28, 2022 – Fall Conference
Slide Note

Personal history

Why I wanted to go into management advisory services.

Didn’t know anything about Internal Audit, but I think that was what I wanted.

I wanted to be a Trusted Advisor

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Explore the key attributes of exceptional trusted advisors, focusing on ethical resilience and results orientation. Learn about qualities such as integrity, courage, accountability, and a results-driven approach essential for building trust and delivering valuable insights as a trusted advisor in various professional contexts.


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  1. Becoming a Trusted Advisor Michael Redmond Director of Internal Audit Louisiana s Community and Technical Colleges October 28, 2022 Fall Conference

  2. ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS Ethical Resilience Results Focused Intellectually Curious Open PERSONAL Mindedness Dynamic Communicators Insightful Relationships Inspirational Leaders RELATIONAL Technical Expertise Critical Thinkers PROFESSIONAL

  3. Ethical Resilience

  4. Ethical Resilience Integrity High moral standards Courage Brave enough to do the right thing Honesty Deal in truthfulness Accountability Take responsibility for our actions Trustworthiness A history of ethical behavior

  5. Ethical Resilience

  6. ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS Ethical Resilience Results Focused Intellectually Curious Open PERSONAL Mindedness Dynamic Communicators Insightful Relationships Inspirational Leaders RELATIONAL Technical Expertise Critical Thinkers PROFESSIONAL

  7. Results Focused

  8. Results Oriented IIA Standard 2300 PERFORMING THE ENGAGEMENT Internal auditors must identify, analyze, evaluate, and document sufficient information to achieve the engagement's objectives. IIA Standard 2310 IDENTIFYING INFORMATION Internal auditors must identify sufficient, reliable, relevant, and useful information to achieve the engagement's objectives. IIA Standard 2320 ANALYSIS AND EVALUATION Internal auditors must base conclusions and engagement results on appropriate analyses and evaluations.

  9. Results Focused It s hard to say we re adding value if people just read our reports and file them away. I don t need someone to come in and tell me I have problems. I know I have problems. I need someone to come in and tell me how to fix them. If our findings only consisted of conditions, then we should just call ourselves inspectors.

  10. Results Focused Traits of a Results Focused Auditor Productivity Persistence Timeliness Perspective

  11. Results Focused

  12. ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS Ethical Resilience Results Focused Intellectually Curious Open PERSONAL Mindedness Dynamic Communicators Insightful Relationships Inspirational Leaders RELATIONAL Technical Expertise Critical Thinkers PROFESSIONAL

  13. Intellectually Curious

  14. Intellectually Curious Root Cause Intelligent use of WHY The 5 Why? s Timing Healthy Skepticism, not Suspicion Intuition Lifelong Learning

  15. Intellectually Curious

  16. ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS Ethical Resilience Results Focused Intellectually Curious Open PERSONAL Mindedness Dynamic Communicators Insightful Relationships Inspirational Leaders RELATIONAL Technical Expertise Critical Thinkers PROFESSIONAL

  17. Open Mindedness

  18. Open Mindedness Acknowledges Diversity of Thought Learns From Failures Don t Dwell on the Past Get to the Bottom of the Issue Be Creative Be Collaborative

  19. Open Mindedness 1100 INDEPENDENCE AND OBJECTIVITY The internal audit activity must be independent, and internal auditors must be objective in performing their work. Interpretation Objectivity requires that internal auditors do not subordinate their judgment on audit matters to others .

  20. Open Mindedness

  21. ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS Ethical Resilience Results Focused Intellectually Curious Open PERSONAL Mindedness Dynamic Communicators Insightful Relationships Inspirational Leaders RELATIONAL Technical Expertise Critical Thinkers PROFESSIONAL

  22. Dynamic Communicators

  23. Dynamic Communicators Communicate so as not to be misunderstood Be approachable. Better yet, do the approaching. Watch your tone. Avoid these five words or phrases: Failed, Inadequate, Ineffective, We Found, It Appears Include Management Accomplishments Listen to understand, not to reply

  24. Dynamic Communicators Don t use 10 words when 5 will do. Make use charts, graphs and dashboards. Put yourself in the client s position Recruit audit skills and train communications skills or Recruit communications skills and train audit skills

  25. Dynamic Communicators

  26. ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS Ethical Resilience Results Focused Intellectually Curious Open PERSONAL Mindedness Dynamic Communicators Insightful Relationships Inspirational Leaders RELATIONAL Technical Expertise Critical Thinkers PROFESSIONAL

  27. Insightful Relationships

  28. Insightful Relationships Relationship building begins at home. Relationships break the notion that internal auditors are the enemy. People talk in healthy relationships. Get a seat at the table Be approachable Be in for the long haul Be aware of and care for perception of others

  29. Insightful Relationships

  30. ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS Ethical Resilience Results Focused Intellectually Curious Open PERSONAL Mindedness Dynamic Communicators Insightful Relationships Inspirational Leaders RELATIONAL Technical Expertise Critical Thinkers PROFESSIONAL

  31. Inspirational Leaders

  32. Inspirational Leaders Good enough is not good enough Visionary agents of change A mindset of rethinking and reframing Don t just want a paycheck. They want a purpose. Advocate for what is right.

  33. Inspirational Leaders

  34. ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS Ethical Resilience Results Focused Intellectually Curious Open PERSONAL Mindedness Dynamic Communicators Insightful Relationships Inspirational Leaders RELATIONAL Technical Expertise Critical Thinkers PROFESSIONAL

  35. Critical Thinkers

  36. Critical Thinkers the intellectually disciplined process of actively and skillfully conceptualizing, applying, analyzing, synthesizing, and/or evaluating information gathered from, or generated by, observations, experience, reflections, reasoning, or communication, as a guide to belief or action. National Council for Excellence in Critical Thinking (NCECT)

  37. Critical Thinkers the ability to take information or a set of circumstances, consider the inherent challenges or weaknesses, identify deviation from acceptable criteria, an dthen do a root cause analysis to fully understand why something did or did not occur. Trusted Advisors, by Richard Chambers

  38. Critical Thinkers Auditing is no longer PASS/FAIL. Judgement is needed. We don t settle for the first feasible answer. We look for the correct answer. Not without obstacles: Your personal opinion does not matter. Familiarity leads to preconceived notions. Incomplete information Failure to follow through

  39. Critical Thinkers

  40. ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS Ethical Resilience Results Focused Intellectually Curious Open PERSONAL Mindedness Dynamic Communicators Insightful Relationships Inspirational Leaders RELATIONAL Technical Expertise Critical Thinkers PROFESSIONAL

  41. Technical Expertise

  42. Technical Expertise Business Acumen Organizational Politics Opportunities and Challenges Know YOUR Business Call in Reinforcements Capitalize on Technology

  43. Technical Expertise

  44. ATTRIBUTES OF OUTSTANDING TRUSTED ADVISORS Ethical Resilience Results Focused Intellectually Curious Open PERSONAL Mindedness Dynamic Communicators Insightful Relationships Inspirational Leaders RELATIONAL Technical Expertise Critical Thinkers PROFESSIONAL

  45. Thank You

  46. Becoming a Trusted Advisor Michael Redmond Director of Internal Audit Louisiana s Community and Technical Colleges October 28, 2022 Fall Conference

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