We see rapid changes in the risk landscape globally in the areas of technology, climate, geopolitics, regulations and workstyle reform.
The interwoven themes explored in this study will show that IA’s objectivity and ability to ‘connect the dots’ mean that it has the potential to create new value, and give its stakeholders the confidence to navigate the risk multiverse.
For this to happen, a change in perspective is necessary for IA, moving from a compliance focused approach to actively supporting value protection and creation.
What does it take for IA to navigate today's risk multiverse?
Reassess the return on investment (ROI) from IA’s technology strategy and determine whether it fits the purpose
Revisit the risk-based approach of an IA plan to evaluate its effectiveness in addressing the risks and threats faced by the organisation
Allow room for agility in the audit plan to respond to urgent risks
Key findings
IA is uniquely positioned to help organisations navigate the complex risk multiverse. Our survey highlights how IA can evolve, add value and remain relevant, offering insights and strategies for IA leaders, board members, business executives and second line leaders.
Megatrends are creating a complex and interconnected risk multiverse
Why this is new
- Recent megatrends are creating risks in new areas that are unprecedented in scale and complexity
What this means for IA
- IA is uniquely positioned to give the organisation confidence to navigate these challenges and find a new direction—and new opportunities
IA needs more involvement in strategic areas to remain relevant
Why this is new
- Driven by increased complexity and higher stakes, business executives are opening the door for IA to help them address more strategic areas
What this means for IA
- IA can choose to engage differently with its stakeholders to provide new strategic value, or risk becoming irrelevant
IA can be a unifying force
Why this is new
- First and second lines have ‘levelled up’ their capabilities and response to risk
What this means for IA
- IA can help combine expertise across the organisation to harness momentum and forge something stronger together
IA’s human ‘superpowers’ are more important than ever
Why this is new
- Technology has become exponentially more sophisticated, providing organisations with access to more data and opportunities than ever before
What this means for IA
- IA must continue to evolve its human capabilities to ensure it can turn data into decisions, build new relationships, and help others to see risk differently
IA can boost ROI by changing its approach to technology
Why this is new
- Technology investment in recent years has not yielded the returns many have expected and the next wave of technology is already here
What this means for IA
- IA needs to recalibrate its approach and work with others to unlock the potential of technology; but the window is closing fast
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