Deloitte’s annual perspective presents a collection of key risks and opportunities that our Internal Audit specialists believe organisations should have on their radar—and that internal audit functions should have in their audit plans for 2022.
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 evaluate, rank, and prioritise these risks and opportunities related to its unique profile and circumstances. The report includes our view on internal audit’s role, data points, warning signs, fundamentals, and next steps for each risk area.
Our specialists welcome the opportunity to assist internal audit functions in exploring any of these topics to embrace new risks, uncover new opportunities, and emerge stronger by tackling these unprecedented challenges.