Updated: Feb 1
Setting objectives and managing performance to ensure a successful year
Setting your team up for success is one of the most important things any Head of Audit can do at the start of the year. Objective setting ensures the team knows what the strategic goals of the department are, and how they are going to be achieved. It can also help ensure that the team is aware of how the goals of Internal Audit are contributing to the broader strategic objectives of the business.
We have created a simple template which, on one page, shows what the company objectives are, how Internal Audit is going to help contribute to these, and any specific Internal Audit Objectives. As a starter, we have prepopulated the template with some Internal Audit objectives which may be applicable to you and your team. These objectives are centred around the themes:
You can view the free template here.
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To support the company and audit team objectives, two additional slides have been added to our template.
The first additional slide can be used by team managers to set their individual goals and objectives. The template includes a field for the team member to listen their personal goals to the company and audit team objectives which were mentioned earlier. Furthermore, the template can be used by line managers to help manage the individual team members performance. Best practice would recommend line managers and their team member completing the template on a quarterly basis. In the unfortunate event of performance issues, these templates can help provide evidence and support should there be a need to manage an 'under performer' and being formal development plan procedures.
The second additional slide provides team members with an opportunity to call out any career ambitions. This template has been designed to support team members in either building a career in audit, or helping them progress to another area outside of the audit sphere. The template can assist line managers and their team member to have open and honest discussions to proactively help an individuals career.
The final slide provides an opportunity for line managers and their direct reports to have an open and honest conversation in terms of career and identifying what support is needed to ensure your team continues to succeed.
Performance management is critical to the success of both you department and your team.