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Keeping pace with disruptive risk and digital transformation

Keeping pace with disruptive risk & transformation

Technological innovation, digital disruption, and the complexity of business are sharpening the focus on risk management

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KPMG's Audit Committee Institute surveyed more than 1,300 audit committee members around the world to better understand the key challenges and concerns facing audit committees, boards, and their companies.

The key message from this year's survey is that audit committees continue to express confidence in their oversight of core responsibilities – financial reporting integrity and audit quality. But it is also clear that technological innovation, digital disruption, and the complexity of business are exerting greater pressure than before – and sharpening the focus on risk management and internal controls.

Key takeaways:

  • Helping ensure that the finance function has the talent and skills to maintain quality financial reporting is one of the audit committee's greatest challenges;
  • Aside from the core oversight role, cybersecurity ranked as the top priority across Canada, the US, and Europe;
  • Few are confident that their company's current enterprise risk management processes capture "disruptive risks;"
  • Year over year, maximizing the role of internal audit's value continues to be seen as a top priority by maintaining flexibility to adjust the audit plan in response to changing business and risk conditions.

To read more, download the full report.

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