Cybersecurity remains a top concern due to the increasing reliance on digital systems and the constantly evolving threat of cyber-attacks. Organisations face the risk of disruption, reputational damage, and financial losses from breaches, making robust security crucial. The demand for cybersecurity skills outstrips supply, while new regulations like the SEC's cyber disclosure rules and the NCSC's Cyber Assessment Framework add further complexity.

Financial firms face a ticking clock on resilience. With the PRA's SS1/21 deadline looming, full implementation is critical, but firms must also plan for the long haul. Meanwhile, DORA's January 2025 deadline adds another layer of urgency for organisations with EU market exposure. Resilience is no longer a choice, it's an imperative. Non- FS organisations are increasingly leaning into best practice arising from these regulations to build their resilience posture.

Artificial intelligence (AI) continues to climb the hot topic ranks. It's transforming internal audit processes, but also creating new risks for organisations through AI-powered attacks. Navigating the regulatory and ethical complexities of responsible AI use is a key challenge for businesses.

Technology strategy and governance are back in the spotlight. A strong IT governance framework is crucial for navigating today's risk landscape, yet many organisations struggle with implementation and lack leadership buy-in. This disconnect hinders strategic decision-making and creates unnecessary risk.

The increasing regulatory focus on resilience during transformation is significantly impacting how organisations approach strategic change  implementation. Factoring the upcoming joint Financial Services industry consultation on incident and third-party reporting, and the cyber security and resilience bill adds complexity to existing change management practices for the wider market. The new landscape necessitates closer collaboration between change functions, risk teams, and internal audit functions, to ensure compliance, gain insights into evolving regulatory requirements, and foster a proactive risk management culture.