Risk management needs more focus: Survey

DOHA: The findings of a major global Audit Committee Survey, conducted by global audit, tax and advisory firm, KPMG, found  risk management and oversight, including crisis readiness, continue to pose significant challenges for companies across the globe.

In the Middle East, only 39 percent are fully satisfied that internal audit delivers the value to the organisation that it should; and nearly 49 percent said the internal audit plan could more effectively focus on critical risks to the enterprise.

The survey captures the views of 1,800 audit committee members in 21 countries on a range of issues — from financial reporting and disclosures, audit quality, and oversight of internal and external auditors, to risk management and crisis readiness, emerging technologies, and audit committee effectiveness.

According to the survey nearly half of survey respondents across the globe said their company’s risk management programme requires substantial work, and the quality of information audit committees receive about critical risks facing the company – particularly cyber security – continues to pose concerns.  Many audit committees (49 percent) said they have increased their focus on global compliance in light of stepped-up enforcement of anti-bribery laws.

Jeyapriya Partiban, Partner, Risk Consulting, KPMG in Qatar, said: “Considering how dramatically technology, globalisation, and government regulation are reshaping the business and risk environment, we’re not surprised to see significant concerns about risk and compliance.”

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