Case Study: Cypress Semiconductor achieves proactive risk anticipation and stronger audit committee engagement with AuditBoard

How Cypress’s Internal Audit Team Helps the Audit Committee Anticipate Risk

Cypress engaged AuditBoard as it worked to shift internal audit from a SOX‑centric function to a strategic partner that could anticipate emerging global and technology risks. John Sidwell, Senior Director of Internal Audit, needed to build an enterprise risk management program and up‑skill a geographically distributed team to address IT, big data, AI and RPA threats while strengthening relationships with the CEO, CFO and audit committee.

AuditBoard supported Cypress in implementing an ERM approach and risk‑reporting practices that gave the audit committee earlier, clearer visibility into risk. As a result, the team surfaced three to four risks with greater detail, helped develop treatment plans that were incorporated into the company’s annual strategic plan, and earned the internal audit function a regular seat at the table. AuditBoard also backed on‑the‑job training initiatives to build data analytics and automation skills, improving Cypress’s ability to anticipate and respond to emerging technology risks.

Cypress

John Sidwell

Senior Director of Internal Audit