In his blog on Internal Auditor Online, IIA President and CEO Richard Chambers, CIA, QIAL, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession.
Europe's Internal Auditors Are Already Identifying the Risks for 2021
As we enter the fourth quarter of a historically difficult and disruptive year, internal audit leaders around the world are looking to next year with some degree of trepidation. If the COVID-19 pandemic has taught us anything, it is that new risks can emerge at lightning speed and have profound impacts on our organizations and lives.
Finding some perspective on what the risk landscape will look like in 2021 poses a challenge, particularly because the pandemic continues to rage in many areas of the world, and there are continuing warnings about a second and possibly third wave of the deadly virus. Happily, Risk in Focus 2021: Hot Topics for Internal Auditors provides some valuable insights to lead us into the coming year. The annual report was published last month by the European Confederation of Institutes of Internal Auditors (ECIIA).
Not surprisingly, the ECIIA report addresses the expansive impact of the pandemic on numerous risk areas, from health and safety to cybersecurity to sustaining going concerns. Yet, internal audit leaders, audit committee chairs, and subject matter experts interviewed and surveyed for the report rated the top two risks for 2021 — cyber and data security, and regulatory change and compliance — the same as for 2020.