Insight

Risk just got riskier

Risk management has been high on audit committee and board agendas in recent years, and many directors say their companies have made progress putting in place robust risk management processes

Insights from KPMG’s audit committee peer exchanges
 

Risk management has been high on audit committee and board agendas in recent years, and many directors say their companies have made progress putting in place robust risk management processes. In the months ahead, however, even the most sophisticated approaches to managing and overseeing risk will be put to the test as companies find their way forward in a significantly more volatile and opaque business environment.

“Few business leaders have experienced the mix of risk and uncertainty, opportunity, and complexity that we’re seeing today,” said Jose Rodriguez, Partner in Charge and Executive Director of KPMG’s Audit Committee Institute. “Discussions about risk are taking on an added sense of urgency in the boardroom, and audit committees continue to be a catalyst for those conversations.”

In a series of candid peer exchanges hosted by KPMG’s Audit Committee Institute, audit committee members highlighted a number of critical challenges and concerns driving their audit committee and board agendas in the months ahead, such as:

  • Risk oversight, including internal audit’s role and assessing corporate culture
  • Cyber security
  • Financial reporting matters, including non-GAAP metrics, new accounting standards, and CFO succession
  • Audit committee effectiveness

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