RiskTech Forum

Wolters Kluwer Financial Services: The Millennial Auditor - Understanding and Managing the Next Generation

Posted: 1 September 2016  |  Source: Wolters Kluwer

The Millennial Evolution

The Millennial Generation is now firmly embedded in the workplace, including in internal audit and compliance departments. A recent Deloitte Millennial Survey says that “Millennials, who are already emerging as leaders in technology and other industries, will comprise 75 percent of the global workforce by 2025.” From a management perspective, we need to blend the realities of the work we do with the sociable, optimistic, collaborative, tech savvy, and achievement oriented Millennial staff.

Audit and compliance departments are typically very conservative, slow to change, and risk averse. By contrast, Millennials are joining the team with “higher expectations than any generation before them—and they’re so well connected that, if an employer doesn’t match those expectations, they can tell thousands of their cohorts with one click of the mouse”.

Obviously we are speaking in broad generalities about an entire generation, but typically Millennials have grown up with more technology introduced at an earlier age than anyone in history. Recent college graduates were introduced to video games by age 5, cell phones by age 12, social media by age 15, and mobile technology by age 19. In fact, the past 8 years, the time this group spent in high school and college, Millennials saw unprecedented technological growth. The illustration below highlights just a few of the technology advancements available to this group over their most impressionable years.

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