More than 40% of audit committee members believe their risk management programmes require “substantial work”, according to a survey by KPMG.
The firm’s global audit committee survey found that almost one in ten believe their committees did not have the time nor expertise to oversee major risks. A further 39% said they did, but it was becoming “increasingly difficult”.
“The audit committee’s job isn’t getting any easier, particularly given the uncertainty, volatility, and complexity of today’s business environment,” said Jose R. Rodriguez, executive director of KPMG’s Audit Committee Institute.
“These findings reinforce the practices and priorities that are essential for audit committees to keep pace—starting with having a solid understanding of the business and the critical risks it faces.”
Cyber-security was front of mind for many audit committee members. The biggest impediments to coming to terms with the ability to manage cyber-risk were organisational awareness and company culture. Those polled agreed that keeping systems up to date was equally problematic.