Keeping pace with disruptive risk, digital transformation

Audit committee members continue to express confidence in their oversight of core responsibilities. Yet, it’s clear that technological innovation, digital disruption, and the complexity of business are sharpening the focus on risk management and the internal control environment.

Few audit committee members are confident that their company’s current enterprise risk management processes capture “disruptive risks."

 

38%


Robust program in place, but processes may not capture disruptive risks

35%


Robust program in place, including processes to capture disruptive risks

15%


Program implemented, but requires substantial work

Audit committee top priorities

 

Gaps in managing cyber risk

Audit committees surveyed view these as the most significant gaps in their company’s ability to manage cyber risk.

 

Audit committee top challenges

Talent in the finance organization is viewed as one of the greatest challenges.

 

 

61%


Help ensure the finance organization has the talent and resources to maintain quality financial reporting

 

 

50%


Maintain internal control over financial reporting and disclosure controls and procedures

 

 

32%


Assessing key assumptions underlying critical accounting estimates

 

 

Learn more at read.kpmg.us/acsurvey
Based on a survey of 206 responses to a U.S. survey conducted from Nov. 15, 2018 to Jan. 4, 2019

 

Keeping pace with disruptive risk, digital transformation

Audit committee members continue to express confidence in their oversight of core responsibilities. Yet, it’s clear that technological innovation, digital disruption, and the complexity of business are sharpening the focus on risk management and the internal control environment.