The responses illustrate the long-term changes audit and risk professionals will experience in their roles as a result of the pandemic, and how crucial those individuals will be in helping organizations overcome risk challenges despite gaps in enterprise risk management programs. A Permanent Shift to Remote Work One of the biggest challenges the COVID-19 pandemic has created for audit, risk, and compliance professionals is the sudden shift to remote work.
Performing audit and risk management tasks in a remote environment is a significant challenge without the aid of modern, collaborative technology. This shift to remote work presents a major operational challenge for audit, risk, and compliance teams. "Conditions this year have changed drastically due to the pandemic, and audit, risk, and compliance organizations have had to act quickly to adapt to the dynamic risk environment while maintaining operational continuity," said John Reese, SVP of Marketing, Audit Board." Audit Board survey responses overwhelmingly showcase how quickly the workplace mindset is shifting, and how important modern audit, risk, and compliance technology has become to support a more remote and connected future".
Businesses Face Dynamic Risk Environment during the keynote presentation at the Audit & Beyond conference, attendees were asked questions about the risks their businesses face as a result of the pandemic and looking forward. More than eight in ten of respondents said "risk will continue to be dynamic and unpredictable" in 2021 and beyond. When asked what they see as the most pressing risk facing their businesses in 2021, 28 percent of respondents said, "economic conditions impacting growth," more than one-quarter said, "cybersecurity threats," and 13 percent said "business continuity and crisis response". "Audit and risk professionals expect the 2021 business risk environment to be unpredictable," continued Reese."
Specifically, they are most concerned with the potential risk of economic conditions, cybersecurity threats, and business continuity as their organizations are faced with a fast-changing external environment. A full 79 percent have either made moderate changes, redirected strategy in certain areas, or made significant broad-ranging changes to their risk management program since the start of the pandemic. More than half replied that they agree or strongly agree that internal audit teams are involved with discussions of risk and potential responses to the crisis.
Credit : IA360 Staff for internalaudit360.com (November, 2020)