Victor advocated for embracing AI whilst preserving the irreplaceable human touch, offering his perspective on the role of technology in sustaining organisational relevance.

 

In an era where technological advancements reshape industries at an unprecedented pace, the adoption and integration of technology have become pivotal for businesses striving to stay competitive.

Victor Cheong, Partner in Audit and Assurance at RSM, started his professional journey at one of the Big Four firms in Malaysia, eventually leading him to become a Partner at RSM in January 2022. With a wealth of experience managing audit engagements for entities across diverse industries, including trading, retail, manufacturing, construction, property development, logistics, and information technology, Victor brings a unique perspective to the table. His involvement in due diligence and listing processes on the LEAP Market of Bursa Malaysia underscores his expertise in navigating complex financial landscapes.

As a judge in the Malaysia Technology Excellence Awards, Victor offers insights that serve as a guide for businesses navigating the intricate intersection of technology, innovation, and industry compliance.

 

Overcoming challenges through shifting mindsets

In addressing the common challenges faced by entities in adopting and integrating technology, Victor emphasised the hurdles of limited funding and the persistent attachment to traditional methodologies.

“This is consistent with the saying, ‘If it ain’t broke, don’t fix it.’ I think in order to overcome these challenges, the mindset of people within the organisation will need to be shifted to think of technology as an investment rather than an expense,” he stated.

For Victor, funding has to be allocated to such investments. Capital expenditures must be purposeful, aligned with the objectives for which they were allocated, and perceived as vital for long-term growth.

Amidst the need for technological evolution and considering his role as a Partner in Audit and Assurance, Victor acknowledged the delicate balance clients must strike between regulatory compliance and innovation. “When it comes to regulatory compliance and innovation, my opinion is that they are on two extremes: one being a backwards-looking measure and another, a forward-looking initiative. I think with ESG being at the forefront of sustainable development, organisations should ensure that all various stakeholders are satisfied accordingly,” he stressed.

 

Preserving the human element

Looking into the future of audit and assurance, Victor noted that AI indeed has the potential to enhance efficiency and effectiveness, but he cautions against overlooking the importance of the human touch in the profession. With this, he sees AI as a tool to improve the industry rather than reshape it entirely.

“Professionals should then equip themselves with the necessary skills to stay relevant. However, I would always advise budding professionals to maintain the element of human touch,” he highlighted.

As a judge for the Malaysia Technology Excellence Awards 2024, Victor emphasises that technology should be viewed not as a threat but as an opportunity for organisations to remain relevant.

In his evaluation of entries in the awards programme, he prioritises technologies based on their ability to meet objectives, empowering organisations and their people. For Victor, the success of technological initiatives lies not just in their novelty but in their tangible impact on the organisation's brand, overall efficacy, and people.

This article was extracted from The Asian Business Review, published on 9 January 2024

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