Risk management is a major issue which audit committees concerned about. These are the findings of research conducted by KPMG, in which more than 800 members of audit committees and departments from 42 countries took part.
More than 40% of respondents believe that the process and programs of risk management require large-scale and continuous operation. However, despite the close attention to issues of risk management it is rather difficult to see the main risks.
Thus, if the majority of respondents expressed confidence in the quality of financial reporting and auditing, there are doubts on the issues concerning the legal, organizational and cultural risks that arise in the course of the proceedings of the company activity.
In addition, representatives of audit committees and departments among the problematic issues highlighted cyber security, internal controls, managers’ behaviour and compliance with the regulatory requirements. Respondents characterized these areas as those containing many professional challenges for them.