The Chartered Institute of Internal Auditors (‘CIIA’) has published its Risk in Focus in 2022 research which collates feedback and views from 12 counties.
Risk in Focus is an annual thought leadership research project analysing the top risks faced by organisations across Europe. It is an essential tool for audit committees and a barometer of what Chief Audit Executives (‘CAEs’) and others perceive as their organisations’ risk priorities for 2022 and beyond.
Key findings
- Climate change and environmental sustainability is now seen as a top five risk by as many as 31% of CAEs, representing an increase of more than 40% on last year’s survey.
- The new report identifies leading risks to organisations in 2022 as: cybersecurity and data security, change in laws and regulations, and digital disruption and AI.
- As businesses weigh up what working models to embed post-pandemic, the risks to culture, morale and staff cohesion should not be underestimated. Human capital, diversity and talent management is cited by 40% of CAEs as among their top five risks.
The Risk in Focus 2022 report takes its lead from COVID-19 and the dizzying pace of change and uncertainty that the pandemic has brought as regards data security, workplace fatigue, financial risk, etc. The report also looks to climate change as a principal risk at what is a time of conflicting priorities for Audit and Risk Committees and internal audit teams.
To read more of the CIIA Report click on the Download link above.