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Internal audit: Risks and opportunities for 2022

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, opportunity, and internal audit

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 meeting of multiple threats, many of which have generated, entwined with, or exacerbated the others. Key threats include the global pandemic, climate change, people 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 IA functions will always be charged with protecting their organisations. However, a truly evolved IA function will also help their organisation take full advantage of the opportunities that every risk offers.

Internal audit: Risks and opportunities for 2022 looks at internal audit’s role in 11 topical and relevant areas including third-party risk management, ESG (environmental, social and governance), mergers and acquisitions, cyber security, DEI (diversity, equity and inclusion), financial controls, and automation. It presents our view, data points, warning signs, fundamentals, and next steps for each topic.

Turning risks into competitive advantages

The collection of risks and opportunities presented in this point of view 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. Please get in touch to discuss further.

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