Ep 13 (PART 1): The Future of Assurance – Rethinking the Three Lines feat. Martin Studer

Episode Overview In this first part of a two-part conversation, Thomas Michel sits down with Martin Studer, a distinguished leader in internal audit and risk advisory, to discuss the very foundations of assurance. Together, they explore the true purpose of internal audit, what makes the role genuinely impactful, and why the future of assurance will belong to those who demonstrate intellectual, emotional, and ethical resilience at the executive level. Martin also shares personal anecdotes—from family moments to reflections on rock icons and performance art—offering a glimpse into the human side of a career at the top of the profession. About Our Guest – Martin Studer With almost thirty years in assurance, risk, and governance, Martin has built and led internal audit and risk advisory functions worldwide. His career highlights include serving as Head of Global Internal Audit at EY and Head of Group Audit at Zurich Insurance Group. Currently, as Founder and General Partner of Bluerain Partners Group, Martin is dedicated to connecting governance, impact investing, and regeneration, driven by the powerful question: What if business became our most trusted platform for regeneration? Linkedin: https://www.linkedin.com/in/martinstuder/ Key Topics Discussed • Why Internal Audit and Internal AUDITORS Exist really: Delving into behavioral science (Daniel Kahneman’s “lazy brain”) and the principal–agent problem, Martin explains why internal audit is a structural necessity rather than a luxury. • The Auditor’s Right to Exist: Auditors must continuously learn and evolve alongside management to truly earn their place. • Internal Audit as a “Medal of Honour”: • Martin advocates for wearing the title with pride, rather than hiding behind more fashionable labels. • Designing Meaningful Careers: Insights on career rotations between internal audit and business functions, and why short-term “tourist” assignments can be counterproductive. • From Controls to Storytelling: The importance of senior judgment at board level and framing facts into coherent stories for decision-makers. • The Three Lines Model – Tool, Not Gospel: The model’s effectiveness depends on genuine leadership support and partnership across the lines. • Champions League Referee Analogy: Why a Head of Internal Audit must know the rules inside out and maintain respect from top executives. • Backbone of a Modern CAE: Martin’s three pillars: intellectual, emotional, and ethical resilience; and the importance of true independence. • Advice for Younger Auditors: Daily reading, seeking pressure, learning from strong leaders, and developing ethical sensitivity across cultures. Teaser: What’s Next in Part 2 This episode concludes Part 1 of the conversation. In Part 2, Thomas and Martin will delve deeper into the future of internal audit and assurance, discussing technology, data, and how the profession must reinvent its relevance. Subscribe to Governance Unplugged – Internal Audit, Risk & Controls so you don’t miss Part 2 of this compelling conversation.