Risk in Focus 2023 – Hot topics for internal auditors
Here at Audit International this week, we are are all talking about the Chartered Institute of Internal Auditors dropping their ‘Risk in Focus 2023’ report. The report compiles the results of 9 in-depth interviews, 4 round table events with 39 participants, and responses from 834 Chief Audit Executives (CAE)’s from across 15 European countries. In a nutshell, the report has some solid contributors, meaning, the top 10 areas which are concerning other CAE’s, might be worth you thinking about also – especially as you prepare your 2023 annual plan.
The Risk in Focus 2023 report has had a great refresh and shows the movement of each of the risks over the years. This year’s report shows 15 categories worth consideration:
– Mergers and acquisitions
– Health, safety and security
– Communications, reputation and stakeholder relationships
– Fraud, bribery and the criminal exploitation of disruption
– Organisational culture
– Organisational governance and corporate reporting
– Financial, liquidity and insolvency risks
– Supply chain, outsourcing and ‘nth’ party risk
– Business continuity, crisis management and disasters response
– Climate change and environmental sustainability
– Digital disruption, new technology and AI
– Changes in laws and regulations
– Macroeconomic and geopolitical uncertainty
– Human capital, diversity and talent management
– Cybersecurity and data security
The report finds that the greatest movers, in terms of focus / attention given to this particular topic by CAE’s, found the following four categories had the most increased attention and focus since 2020:
– Macroeconomic and geopolitical uncertainty
– Human capital, diversity and talent management
– Supply chain, outsourcing and ‘nth’ party risk
– Climate change and environmental sustainability
This years report also highlights the impact the war in Ukraine has had on many of the businesses and risks highlighted in the report.
For each of the risks, the report provides suggestions on how Internal Audit can help the organisation.
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