As a CAE, you know that one day you will leave your position to either " pursue other interests", retire or be absent due to any other reason! When you audited the HR function in your organization, you have most probably included the organization's succession planning as part of that audit. If there was no succession plan, you most probably have recommended one. Now, let's see if you practice what you preach! Do you have a succession plan for your Internal Audit Activity? If your answer is yes, you may stop reading this post! If it is no, keep reading!
Be proactive and initiate the process!
If there is no succession plan for your IA activity, be proactive and start the process yourself. This is how you may start:
The short answer is now! Whether you are planning to vacate your position now or after 10 years, the time to start the process is now. Preparing a successful successor takes time. Some reports suggest that it may take up to five years. Moreover, you need to be ready for any emergencies or disruptions that may prevent you and/or key personnel from performing assigned duties.
What's in it for you?
We all know the benefits of succession planning to the organization, but why would the CAE have a personal interest in it? Simply put, it is his/her chance to protect his/her legacy and have a say on who gets to continue and protect his/her hard work.
Start drafting your succession plan!
These are my thoughts, please share yours.
Be proactive and initiate the process!
If there is no succession plan for your IA activity, be proactive and start the process yourself. This is how you may start:
- Discuss your proposal to adopt succession planning with your stakeholders (audit committee, CEO, HR,..etc ) and seek their support and commitment. Once this is done, talk to your staff and explain the importance of having a succession plan.
- Identify which positions need to be included in the plan (CAE, Director, Manager ..etc)
- Identify the required competencies.
- Assess internal candidates (talents) and determine if outside candidates need to be recruited.
- Select and train the successors and keep them engaged at all times!
- I also like the idea of putting the successors through what is called "stress tests" to ensure their preparedness.
- Monitor and update the plan on a timely basis.
The short answer is now! Whether you are planning to vacate your position now or after 10 years, the time to start the process is now. Preparing a successful successor takes time. Some reports suggest that it may take up to five years. Moreover, you need to be ready for any emergencies or disruptions that may prevent you and/or key personnel from performing assigned duties.
What's in it for you?
We all know the benefits of succession planning to the organization, but why would the CAE have a personal interest in it? Simply put, it is his/her chance to protect his/her legacy and have a say on who gets to continue and protect his/her hard work.
These are my thoughts, please share yours.
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Planning for planned and unplanned transitions is key. Thanks
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