Risk Management Tops Audit Committee Concerns

Manila Bulletin, March 10, 2017 | Go to article overview

Risk Management Tops Audit Committee Concerns


More than 40 percent of audit committee members surveyed recently say that risk management programs/processes require "substantial work" and a similar percentage say that it is increasingly difficult to oversee major risks, according to a new report from KPMG's Audit Committee Institute (ACI).

While audit committees in general express confidence in financial reporting and audit quality, they rank legal/regulatory compliance, cyber security risk, company controls around risk, and tone at the top and organizational culture as among their top challenges in ACI's 2017 Global Audit Committee Pulse Survey.

"The audit committee's job isn't getting any easier, particularly given the uncertainty, volatility, and complexity of today's business environment," said Sharon G. Dayoan, vice chairman and head of audit of KPMG R.G. Manabat & Co. (KPMG RGM&Co.), the Philippine member firm of KPMG. "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."

She further adds, "The conclusions of the survey suggest strengthening existing methods of audit committees given the increasing susceptibility to threats. As part of having a better understanding of the business and its risks, it will be helpful to be more adept and informed in the areas of technology and cyber security."

KPMG surveyed more than 800 audit committee members and chairs in 42 countries, providing insights that audit committees around the world can use to sharpen their focus, benchmark responsibilities and practices, and strengthen oversight. …

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