Internal Audit and Risk Management
Risk management is not the responsibility of a single department — it is the responsibility of everyone, from the chief executive down. Past corporate failings have been attributed to lack of accountability, strategy and transparency.
Tougher expectations by regulators and other stakeholders now mean that corporate and financial institutions should demonstrate better discipline, control and responsibility. Failure to keep on top of and comply with existing and emerging regulation could jeopardize reputations and livelihoods. How robust is your government, risk and compliance program?
Financial risks have probably never been more acute. Capital reserves, credit portfolios, investment policies and capital and debt profiles all demand constant scrutiny to adequately manage and mitigate risk.
Companies should also be vigilant about risks presented by suppliers. A counter party who defaults on a contract, or whose business collapses, can have serious financial and reputational ramifications for connected parties.