20-09-2022
Risk in Focus 2023 | Hot topics for internal auditors ENG
Every year, the European Institutes for Internal Auditors work together to identify the most important risks for the coming calendar year. The results are intended as a tool for drawing up the audit plans for 2023 and give the governing bodies a good idea of what challenges they can expect in the coming year.
Key findings Risk in Focus research
- The war in Ukraine has taken many organizations by surprise. Macroeconomic and geopolitical risk rose to third place this year (compared to seventh place in 2022). Due to the war and the pandemic, this theme has been given a lot of weight. For example, due to the pandemic, hybrid working has become more and more common, with consequences for Cyber ??security and data security and the war in Ukraine has made it clear that companies in a supply chain are increasingly at risk. In addition, companies run compliance risks in connection with the sanctions against Russia.
- Cyber security and data security retains the number one position of greatest risk. 82% of respondents consider it a top five risk. It is the area where internal auditors say they spend the most time. An example of why Cyber security and data security is number one is ransomware attacks. These have increased by 80%, as you can read in the report.
- Human capital, diversity and talent management rose to second place. This has to do with various aspects that now play a role in society. Think of scarcity on the labor market, diversity and inclusion.
- Climate change and environmental sustainability is becoming an increasingly important theme and has again risen in the top five risks. 37% of internal auditors named this theme a top five risk compared to 31% in 2021. Respondents themselves expect the risk to rise to third place in 2026.
- The risk of digital disruption and new technology has fallen from second to fifth place. It is expected that the importance of this will increase again in three years' time. During the pandemic, digitization efforts have moved to third place.
The structure of the Risk in Focus 2023 report differs from previous years. Rather than a similar description of all top ten risks, the report focuses on those areas that are now of greatest importance to internal audit and its stakeholders.
