Published: 29 August 2023
The increasing risk appetite of boards presents threats as well as opportunities for executive leaders. To respond, executive leaders must boost confidence in risk management to enhance the likelihood of enterprise success.
Sixty-four percent of boards say their risk appetite is anticipated to increase in 2023 and 2024, requiring executive leaders to increase their confidence in their organization’s ability to take more risk.
Organizations with “effective” internal audit leaders are more likely to have better risk outcomes.
Executive leaders do not always connect internal audit’s capabilities to increasing confidence in organizational risk management.
To utilize internal audit assurance to increase confidence in risk management, executive leaders should:
Include internal audit in strategic plan presentations and communication to ensure internal audit knows what matters most to the organization.
Adopt integration of internal audit’s risk
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