In most organizations, with the start of a new calendar year, we are asked to set goals for the upcoming year. Hopefully, we meet with our managers on a regular basis to review these goals, and at the end of the year, we self-report on the achievement of goals.
This process is as old as … well… internal audit, but are we setting the right goals? Will the achievement of these goals help us evolve in an age where the pace of change is staggering?
I was recently re-acquainted with the idea of Objectives and Key Results (OKRs) and how many organizations use OKRs to create 10X growth or change. Google, LinkedIn, Twitter and other organizations have used this process for goal setting for years and the results have been pretty amazing. So how could OKRs help Internal Audit with their goals?
First off, let's understand the basics of OKRs. Set 3 to 5 high-level objectives that link back to a key strategy. Then define 3 to 5 key measurable results that when attained guarantee that you have met the high-level objective. These are team goals, not just personal goals, to ensure everyone is rowing in the same direction. Then, as a team, meet at least quarterly to assess your progress. You will rate the key results from 0 to 100 on achievement. Sounds simple right? The key is picking the right objectives.