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Risk in Focus 2023 – More risky, uncertain, and volatile times ahead

For the past seven years, Risk in Focus has sought to help Chief Audit Executives (CAEs) to understand how their peers view today’s risk landscape as they prepare their forthcoming audit plans for the year ahead. Risk in Focus 2023 research was conducted in March and April 2022.

Data was collected through a quantitative survey among CAEs across 15 European countries which included: Austria, Belgium, Bulgaria France, Germany, Greece, Italy, Luxembourg, the Netherlands, Slovenia, Spain, Sweden, Switzerland, and the UK & Ireland. The survey elicited a record-breaking 834 responses from CAEs across Europe. Simultaneously, four roundtable discussions were organised with 39 Chief Audit Executives (CAEs) on each of the risk areas covered in the report. In addition, we also conducted 9 one-to-one interviews with subject matter experts that included CAEs, Audit Committee Chairs and industry experts to provide deeper insights into how these risks are manifesting and developing.

Risk in Focus 2023 sets out a series of recommendations for how organisations can tackle these risks.

A board briefing is also available.

Risk in Focus 2023 -Report.

The top 10 risks for Risk in Focus 2023 are (with the associated %s indicating those CAEs that ranked each a top five risk – rounded up or down to the nearest percentage point):

  1. Cybersecurity and data security (82%)
  2. Human capital, diversity and talent management (50%)
  3. Macroeconomic and geopolitical uncertainty (46%)
  4. Change in laws and regulations (44%)
  5. Digital disruption, new technology and AI (38%)
  6. Climate change and environmental sustainability (37%)
  7. Business continuity, crisis management and disasters response (36%)
  8. Supply chain, outsourcing and ‘nth’ party risk (34%)
  9. Financial, liquidity and insolvency risks (28%)
  10. Organisational governance and corporate reporting (25%)

The press release is available here.