Laura Perkins

Tom O’Reilly: Laura, you're an accomplished and capable leader who could have succeeded in any career path. I'm curious—what drew you to dedicate your career to internal audit and internal controls?

Laura Perkins: Thank you for the kind words—I truly appreciate that. I came into internal audit through a non-traditional path. With my degree in Management Information Systems, I started in internal audit at National Steel during the pre-SOX era, when the company focused heavily on operational auditing. The Chief Audit Executive was specifically seeking someone with deep operational experience and understanding of company operations. The opportunity appealed to me because it allowed me to stretch my critical thinking and problem-solving skills. At that point in my career, I knew I needed variety in my profession, and internal audit certainly provided that—there's never a dull day. It was simply a perfect fit for me.

My background included working across various functions at National Steel —HR, customer service, and internal sales. I managed steel requirements for a major automotive company. These roles gave me deep knowledge of both the company and the steel industry. Since operational understanding was the primary focus of internal audit, the department often looked within the organization to bring in people with hands-on experience.

The projects were valuable because they required a deep understanding of both the business and industry. Like most staff auditors, I started with travel and expense audits. But I also worked on more complex projects, like vendor audits with steel processors where we evaluated engineering scrap expectations. My background in the industry and understanding of operations gave me crucial insights for these audits. We also got exposure to fraud investigations, which added variety to our work. Having experience in customer success, sales, and HR made it easier to understand where potential fraud breakdowns could occur throughout the organization.

Tom O’Reilly: So after working at the steel company, you continued rising through the ranks in internal controls and internal audit. But then at some point, even though you were a director in internal audit, you decided to move into consulting. I'm curious about that transition—tell me more about what led to that decision.

Laura Perkins: Well, when the opportunity presented itself, I decided to explore it. Much of this decision stemmed from my non-traditional path into internal audit. I don't have an accounting degree—I have a business degree—and I didn't start with one of the big accounting firms. At that point in my career, I had realized internal audit was the perfect fit for me. It's what I wanted to do for the rest of my life. I felt I needed to accelerate my professional growth, and consulting offered the best path forward.

Working with a consulting firm exposes you to diverse projects, industries, and clients. You learn different approaches to problem-solving and addressing issues. It's not just about strengthening technical skills—firms are excellent resources for developing people and leadership skills. These non-technical skills were crucial to my development.

Another valuable aspect of consulting is the network you build. I still maintain the relationships I formed back then. You develop a network of peers that stays with you throughout your career.

Tom O’Reilly: Let me circle back to my earlier question. When you decided to go into consulting, you had already committed to making internal audit your career. So what was it about internal audit at that specific point that made you say "This is where I want to dedicate my career, improve my craft, and be an auditor?"

Laura Perkins: It's the constant challenges we face in the profession and the variety of work that draws me in. Over the years, I've seen how emerging risks evolve and how we need to respond to them. I love being able to make a real difference within an organization. But to maximize my impact, I felt I needed to accelerate my experiences at that point so I could draw upon them later.

Tom O’Reilly: What led you to take the position at THOR 10-12 years ago?

Laura Perkins: During my six years in consulting, I maintained my professional networks. When someone from THORr first reached out, I wasn't ready to return to industry. However, when they contacted me a second time, the timing felt right. The person who reached out—now our Senior Vice President and CFO—was someone I had previously worked with. I had accomplished my goals in consulting and was eager to apply those learnings back in industry. Working directly for a company offers a unique advantage: you can dedicate all your efforts to one organization's success and truly feel you're contributing to its growth.

I joined as Director of Internal Controls when the function was outsourced. During my first couple of years, while we had an interim CFO, he got to know me and understand my background. Together, we built a business case to bring the department back in-house.

Tom O’Reilly: Now that several years have passed, you have a team of six or seven people, plus significant co-source partners—some helping with SOX 404 work and others with traditional risk-based auditing. I'd love to peek behind the curtain and understand what it's like to be an internal audit leader of a $10+ billion company. What does your day-to-day look like? Specifically, when you're planning your week, what are your key priorities and goals?

Laura Perkins: Like many CAEs, I spend a significant portion of my day in meetings covering various topics—from ERP implementations at our companies to updates from co-source service providers about SOX projects and emerging challenges. I also dedicate time to my internal team, which is crucial. The international component adds another layer of complexity to time management. I typically reserve my mornings for international meetings and other time-sensitive discussions. In truth, there really isn't a "typical" day.

Tom O’Reilly: So what's the hardest part about being a Chief Audit Executive that others who haven't been in the role might not realize—especially those who aspire to become a CAE but haven't done so yet?

Laura Perkins: In our profession, we talk a lot about stakeholders—from the audit committee and executive management to our companies and subsidiaries that are the focus of our projects. I think there's an opportunity we don't discuss enough as Chief Audit Executives: the challenge of balancing all these stakeholders' perspectives and objectives. The key questions are how to effectively manage these different viewpoints and how to best serve everyone's needs. It really comes down to balancing expectations, understanding different perspectives, and developing solutions that serve both individual interests and the organization as a whole.

This challenge becomes clear in our day-to-day audit work. When we identify issues or observations, we need to communicate thoughtfully with audit customers. We acknowledge their perspective—"I understand you'd prefer not to include this in the audit, but we need to address it to help improve the organization. Let's work together to find a solution. While I'll support you however I can, we'll need your commitment to help remediate this issue."

Beyond stakeholder management, we face an increasingly complex emerging risk landscape. Our organizations are dealing with rapid changes, and we must stay current on how these evolving risks affect our companies.

Tom O’Reilly: Let me ask one more question, slightly off script. Regarding those emerging risks we discussed - while new risks have always existed, what's different now compared to five years ago is the speed at which we need to act. If we don't address these risks quickly, we could either miss opportunities or face serious consequences. So what's your perspective on this? How does internal audit at THORr help with new risk areas? Could you walk me through your approach? Whether it's AI or another emerging risk, what role does internal audit play in helping the company navigate these challenges?

Laura Perkins: It's really about collaboration through our internal networks and having conversations that explore different perspectives. As internal auditors, we bring unique insights that complement those of subject matter experts. The key is having open discussions about what these risks mean for the organization and working together as a team to either reduce risks or seize opportunities for the company.

Tom O’Reilly: Looking ahead to 2025, what are your top two or three priorities, activities, or strategies as head of internal audit?

Laura Perkins: Cultivating relationships is our top priority. In our profession, we can never underestimate the art of relationship building. We've developed a strategic and tactical approach—using a relationship matrix that identifies key stakeholders and assigns specific responsibilities for developing these connections. While we plan these interactions deliberately, we also maintain natural, informal connections by reaching out when relevant topics arise.

In our meetings, we share targeted thought leadership with our stakeholders, and I challenge my team to articulate why these insights matter to each one. Sometimes it's less formal—simply reaching out to ask about business changes or pain points. We're still fine-tuning this balanced approach.

Our main goal is for Internal Audit to deliver value to the business in new ways, helping the organization view risk from fresh perspectives. I personally monitor our progress on this initiative throughout the year.

For fiscal 2025, we're focusing on value creation projects. In every project, we strive to leave something valuable behind for the organization.

Recently, one of our team members was conducting a process review—primarily an assurance-focused objective. Through conversations with the process owner about workflow and time management, they identified a more efficient approach that would save significant time. The recommendation suggested leveraging technology differently, asking "Have you considered doing it this way?"

That's value creation in action. When you can make someone's job easier or bring valuable insights to their attention, you're leaving behind something meaningful. We're now working to quantify and measure this added value where possible.

My senior manager and I are also focused on enhancing our talent and internal resources.

Currently, organizations are facing  several key risk areas. Sustainability and ESG regulations are evolving, particularly in Europe but also in the US. Cybersecurity remains a top priority. The challenge is developing sufficient expertise in these areas. Rather than trying to handle everything internally, we need to leverage partnerships with subject matter experts. Going forward, collaboration with true specialists in these fields is crucial.

Tom O’Reilly: When you're hiring new team members, what are the two or three key qualities you look for? What makes you decide to hire one candidate over another? What are those superpowers you seek in new audit team members?

Laura Perkins: When we think about the success factors and characteristics of the next-generation internal auditor, several key traits stand out. Communication skills are critical. Coachability is also essential—it's one of the biggest factors I look for. A commitment to continuous learning is crucial, as are strong critical thinking skills. We need people who can think critically and approach problems from different angles. I'm looking for someone who thinks less linearly and isn't afraid to step outside conventional boundaries.

When interviewing candidates for my team, I look closely at their technical and critical thinking abilities. To assess these skills, I ask them to provide specific examples from their experience. I want to hear real-life situations that demonstrate their capabilities. Their commitment to continuous learning often shines through in their CV or resume—through certifications and ongoing education. During our conversations, I also evaluate how well they communicate and their openness to coaching.

Tom O’Reilly: What competencies and skill sets do you believe will be needed to be successful in internal audit three to five years from now, as you're building out the next generation of internal audit teams?

Laura Perkins: I believe the successful internal auditor over the next three to five years and beyond will need to balance and develop both technical and non-technical skills. The technical aspect involves staying current with rapidly emerging areas and understanding their organizational impact.

Looking ahead, I believe we're evolving from being purely auditors to becoming more like consultants. This shift has made relationship-building skills even more vital to our profession. While we've long talked about "having a seat at the table," that phrase carries a different meaning today than it did 15 years ago. As we work to stay relevant in our organizations, we must position ourselves as valuable partners who are deeply embedded in the business—helping to shape and contribute to our companies' success.

Fifteen to twenty years ago, Internal Audit followed a more rigid process—we would conduct our independent risk assessment, identify project types, and create a three-to-five-year plan. Today, we focus more on collaboration and gathering input. We're thoughtful about choosing projects that add value to the organization and demonstrate our worth. Communication with stakeholders has also become central to our approach, as we recognize that different people respond to different communication styles.

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Tom O’Reilly: Your best friend is interviewing for a CAE role. She asks you for help. How would you coach her to be successful during her interview?

Laura Perkins: I would advise my friend that while the organization is interviewing the candidate, the candidate must also interview the organization. This is true for any position but especially crucial for a CAE role.

Beyond standard vetting, you must thoroughly understand the organization's risk culture and management approach. Is it fragmented and siloed, or integrated and connected? This context is vital—you need to know exactly what you're stepping into. Just as important is understanding how the organization views internal audit and its role in risk management.

Internal audit's scope extends beyond providing independent assurance. You must grasp its involvement in second-line activities, whether supporting or leading them. Understanding the company's risk culture, management style, and risk strategy integration will enable more productive interview discussions.

It's critical to learn why the position is available and—if you're replacing someone—what the existing team looks like. What has been internal audit's historical focus within risk management and the broader organization? This insight helps avoid future surprises. You don't want to discover post-hire that the function only conducts basic non-SOX audits at various sites when you expect operational involvement. If the role involves transforming the function, you need to clearly understand that transformation's scope.

Tom O’Reilly: Beyond what we've discussed so far, what other advice would you give to an internal audit practitioner who aspires to advance their career in internal audit?

Laura Perkins: Here's what I would say to anyone entering the field:

Finally, never stop learning. You must be committed to continuous development and refinement of both technical and non-technical skills in this profession. A strong commitment to ongoing learning is essential for success.

Tom O’Reilly: Tell me one super cool, interesting, or unique fun fact about Laura Perkins that most people don't know.

Laura Perkins: A fun fact about me? Well, I actually wasn't supposed to end up here at all. Growing up, I aspired to be a classical musician. I studied classical violin and classical piano for many years. When I reached my late teens and started looking at colleges, I made a decision that dismayed my family—I wanted to take a more traditional career path. So I pivoted.

But I'm still a fan. My favorite classical musician is Joshua Bell, a violinist, and I listen to his work quite frequently to this day.

Tom O’Reilly: This has been a great conversation, Laura—it's just music to my ears. Thank you for speaking with me today.

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