Where, exactly, does responsibility lie in a modern corporation for ensuring that risks are being identified and managed? It may seem like a simple question, but the answer is far more complex. In fact, a long-used model to define such responsibilities, the “Three Lines of Defense” model, is in the Read More
Boards are significantly overconfident when it comes to addressing the most difficult issues their companies face, party because they are underinformed on top risks, finds a new survey. According to the report, there is a gap between how board members view key risks and how executive management does, due to Read More
A new survey of top business risks, as identified by chief internal auditors in Europe, has found that companies there are most concerned about cybersecurity and data security, increased regulation, and disruptive technology. The survey of 528 chief internal auditors conducted by a group of eight internal audit professional associations Read More
Businesses today cannot be separated from their digital assets. Data drives every aspect of business, from strategic decisions to tactical operations, and all that data is stored in, accessed by, and transmitted across networked systems. Keeping cyber risks under control is a critical issue for any company. Even small, non-tech-oriented Read More
GUEST BLOG Over the years, Big Four audit and consulting firm PwC has provided great value through their annual commentaries and reports on internal auditing. However, in their 2019 State of the Internal Audit Profession Study, they are advising internal auditors to adopt approaches and practices with which I disagree. Read More
The Institute of Internal Auditors (IIA) has opened a public comment period and is conducting a survey on the widely used “Three Lines of Defense” model, as it considers revising the model to update thinking about how it is applied. The comment period will be open from June 20 to Read More
It’s likely that most internal auditors and risk managers can appreciate the expression: “The more things change, they more they stay the same.” That’s because they see it in action all the time. At most companies, for example, the internal audit and risk management capabilities have improved considerably over the Read More
Like companies in many industries, banks are having a difficult time finding and retaining qualified compliance staffers. In fact, recruiting good compliance professionals has gotten so hard that the U.S. Office of the Comptroller of Currency (OCC) says that it has become a top risk for financial firms, especially regional Read More
Despite the constant drumbeat on the need for companies to improve and formalize risk management systems, most are still way behind, a new report finds. A study released this week by the American Institute of CPAs (AICPA) and North Carolina State University’s Enterprise Risk Management Initiative finds that while companies Read More
GUEST BLOG One thing I know for certain … the times they are a-changin’ … and internal audit is no exception. I spent the last several months interviewing many chief audit executives (CAEs) from all over the world to gain a better understanding of the current state of internal audit. Read More
