The Audit Podcast – Ep 259: What It Really Takes to Modernize Internal Audit w/ Ronnie Welch

Date: October 14, 2025
Host: Trent Russell
Guest: Ronnie Welch, Chief Audit Executive at Guardian Life

Episode Overview

This episode dives deep into the practical realities of modernizing internal audit teams, with a special emphasis on leveraging advanced technologies, fostering business acumen, and building a culture of continuous improvement. Host Trent Russell welcomes Ronnie Welch, CAE of Guardian Life, who shares the actionable playbook his team has used to transform audit processes, develop analytics capability, and stay aligned with enterprise-wide strategic pillars.

Key Discussion Points & Insights

1. Personal & Professional Use of AI (00:00–09:35)

• Ronnie’s Personal AI Experience:
  Ronnie detailed his use of ChatGPT for a home landscaping project, showing its effectiveness in goal setting, project planning, compliance with local regulations, vetting service providers, and even generating phone scripts.

  “It made a step by step front yard renovation project and timeline… even checked my town's codes around landscaping.”
  — Ronnie Welch (03:24)

• Future Excitement Around ‘Agentic’ AI:
  Ronnie highlighted interest in AI agents that could automate tasks end-to-end, such as scheduling appointments.

• Professional Use of AI Tools:
  Guardian Life currently uses Microsoft Copilot enterprise-wide, with Ronnie leveraging it for GRC topics and research, including IIA standards and Vision 2035 insights.

  “It's getting better at recognizing my job, role, and things I gravitate towards… starting to personalize more.”
  — Ronnie Welch (07:42)

2. Setting the Stage: Mission, Vision, and Strategy (09:59–15:14)

• Defining the Internal Audit Vision:
  Ronnie identified the importance of articulating a clear vision and formal strategy for internal audit, complementing the mission but providing clarity to stakeholders:

  “When I say vision, I mean a statement that all stakeholders at all levels can understand when answering why do we exist and what are we actually solving for?”
  — Ronnie Welch (10:25)

• Establishing a Strategic Roadmap with Four Pillars:

  • Customer First Mindset
  • Operational Excellence
  • Courageously Shaping the Future
  • People & Talent

• Mapping to Enterprise Strategy:
  Each internal audit pillar directly echoes the broader strategy of Guardian Life, ensuring alignment and relevance.

3. In-Depth on Modernization Initiatives

A. Customer First Mindset (15:14–16:30)

• Redesigning Board Materials:
  A move to more visual, storytelling-based presentations for better board engagement.
• Stakeholder Experience:
  Focused on making internal audit interactions frictionless and value-adding.

  “We should not be working on anything that doesn't map back, relate to, resonate with the broader company efforts.”
  — Ronnie Welch (16:00)

B. Operational Excellence & Agile in Audit (16:30–18:21)

• Shifting to Iterative Planning:
  Adopting risk assessment and planning twice a year, allowing for agility in dynamic business conditions.
• Implementing Agile Project Management:
  Auditees and auditors collaboratively choose the best methodology (agile or waterfall) per engagement.

  “My vision is… some quarter, some year we are seeing most of our audits done in a more agile methodology.”
  — Ronnie Welch (17:40)

C. People & Talent: Upskilling and Succession (18:21–20:40)

• Business Acumen & Soft Skills:
  Guardian Life combines internal and external training, develops a career competency framework, and prioritizes recruitment beyond just insurance backgrounds.

  “It is also us, I would say, building a stronger affinity with some insurance groups such as Limra…”
  — Ronnie Welch (19:54)

4. Analytics Transformation: The Three Tier System (20:40–27:51)

• Initial State:
  Analytics was ad hoc, dependent on individual skills, ACL usage low due to intimidation and user-unfriendliness.

• Tier 1 (All Staff):
  Everyone is expected to perform basic analytics, supported with regular training.

• Tier 2 (Champions Program):
  Talented individuals (often self-taught or with advanced degrees) split time between audits and building analytics expertise, eventually serving as support within their teams.

• Tier 3 (Core Analytics Team):
  A dedicated core focuses on innovation and high-complexity analytics.
  Growth progression: Started with one person, doubled to two, then four, and now pitching to increase further.

  “I took one person and repurposed them fully as a data analytics person. Me and that person worked together to demonstrate the value… team of one became a team of two…”
  — Ronnie Welch (25:23)

• Tools Evolution:
  Transitioned from ACL to more user-friendly suites: Teammate Analytics, Power Query, Databricks.

• Key Adjustments:
  Main learning was that tool accessibility and user-friendliness hugely impact adoption; continuous support and training remain critical.

5. Recognition: CEO Award & Value Beyond Analytics (30:09–32:39)

• CEO Award Context:
  Ronnie received Guardian’s highest honor for elevating internal audit’s effectiveness and value, not solely for analytics, but for broader impact:

  “...the impact of even a third line function can have and be felt holistically across the organization.”
  — Ronnie Welch (31:54)

6. Looking Ahead: IIA Vision 2035 & Future-Proofing Audit (32:39–34:13)

• Advice for CAEs:

  “Start now. No, to me, it takes time to create the future you want. It takes time to create the future together.”
  — Ronnie Welch (32:53)

• Focus on elevating internal audit as a strategic, dynamic advisor and change agent.

• Emphasize the adoption (not just awareness) of emerging technologies.

• Cultivate a tech-savvy, business-literate workforce with advanced soft skills.

7. Final Takeaways & Core Principles (34:43–35:39)

• Ronnie’s Core Nuggets:

  • Laugh & Have Fun – Change culture if audit seems too serious.
  • Innovate, Change, Learn, Fail Fast – "What got you here won't keep you here."
  • Empathy & Relationships – Build genuine stakeholder connections and follow through.

  “Even if those challenges, concerns, perspectives are different from yours, even if you don't agree with them, quite frankly. Just stay connected beyond formal engagements and follow through on commitments.”
  — Ronnie Welch (35:34)

Notable Quotes & Memorable Moments

• On Modern Audit’s Mission:
  “We should not be working on anything that doesn't map back, relate to, resonate with the broader company efforts.”
  — Ronnie Welch (16:00)

• On Agility:
  “The collaboration of what works best for this engagement… is in itself like the most agile concept ever.”
  — Trent Russell (18:21)

• On Upskilling:
  “Data analytics is tied to performance management. So think goals, objectives and key results.”
  — Ronnie Welch (26:49)

• On Recognition:
  “It was truly an honor for me but also speaks to my team because you can't do it alone…”
  — Ronnie Welch (32:14)

Timestamps for Key Segments

• AI in Personal & Professional Life: 02:10–07:42
• Defining Audit Vision & Strategy: 09:59–11:55
• Four Strategic Pillars: 11:56–15:14
• Customer Mindset & Stakeholder Focus: 15:14–16:30
• Agile vs. Waterfall Approach: 16:30–18:21
• People & Talent Development: 18:21–20:40
• Three-Tier Analytics System Explained: 21:05–27:51
• Lessons Learned & Tweaks: 27:52–30:09
• CEO Award & Broader Value: 30:09–32:39
• Vision 2035 & CAE Advice: 32:39–34:13
• Final Nuggets: 34:43–35:39

Tone and Style

The conversation is candid, insightful, pragmatically optimistic, and at times humorous, reflecting both Ronnie’s and Trent’s approachable but ambitious philosophies.

Summary

This episode provides a detailed, experience-based playbook for any internal audit leader looking to modernize and align their department with future requirements. Ronnie Welch’s approach demonstrates how vision, strategic alignment, analytics enablement, and a human-focused culture can work together to elevate audit from a compliance necessity to a strategic business partner. The Three Tier analytics model, iterative planning, agile methodology, and storytelling for the board all feature as replicable initiatives. Ronnie’s practical advice, commitment to innovation, and emphasis on empathy and relationships round out a valuable roadmap for the modern internal audit function.