Results Highlight Gaps in Risk Management Programs; Dynamic Risk Landscape; Permanent Shift to Remote Work
AuditBoard, a leading cloud-based software platform transforming the way enterprises manage critical audit, risk, and compliance work, released new survey data which reveals that a majority of audit and risk professionals believe the risk environment will continue to be dynamic and unpredictable in 2021, rather than returning to more stable pre-pandemic conditions. The top risk they cited for the coming year was of “economic conditions impacting growth,” followed closely by “cybersecurity threats.” The responses also 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 (ERM) programs.
The findings come from a series of surveys conducted at AuditBoard’s recent Audit & Beyond virtual conference, which was attended by more than 5,000 audit, risk, and compliance practitioners. Attendees were surveyed on the difficulties organizations face as a result of the pandemic, and the ways in which making audit and risk management a core part of business strategy can help limit future risk. Their responses* illustrate the dynamic challenges enterprises face as a result of the pandemic, and how crucial audit, risk, and compliance functions will be in overcoming these difficulties.
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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. Recent Institute of Internal Auditors (IIA) polls suggest roughly three-quarters of audit teams are without a modern audit technology solution today. However, when asked by AuditBoard about the future of work, nearly two-thirds (59%) of respondents said they expect their team will work remotely for all or part of the workweek once quarantines lift. 7.5% said they expect their team will work 100% remote on a permanent basis. 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, AuditBoard. “AuditBoard 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.”
