Risk, opportunity and internal audit
Risk is often thought of as inherently negative, but a more-nuanced view perceives that for every risk there is an equal opportunity waiting to be uncovered.
There’s little doubt why the negative aspect of risk predominates. In recent years, the world has witnessed an unprecedented confluence of multiple threats, many of which have spawned, entwined with, or exacerbated the others. Key threats include the global pandemic, climate change, labour shortages, supply chain disruptions, cyber threats, and political and social upheaval. Considered together, these and other threats have shaken the very foundations upon which society and business are built.
Internal audit (IA) is rightfully wary of the multitude of risks and the IA function will always be charged with protecting their organisations. However, a truly evolved IA function will also help organisations taking full advantage of the concurrent opportunities that every risk offers.
Turning risks into competitive advantages
The collection of risks and opportunities presented in this POV is by no means comprehensive, nor will every topic apply to every organisation. Each organisation must…
