Internal auditors feel they need more visible and vocal support from senior management within their organizations as the changing demands of today’s regulatory and risk environment put them under increasing pressure to do more with less, according to a new Thomson Reuters survey.
In the survey, over 57% of respondents indicated that increased focus on risk and control was the top challenge for the year ahead. While risk management was seen as a top three priority for organizations to focus resources, under one-fifth of respondents indicated that robust and mature processes for risk assessment were in place at their organization.
“Audit committee chairs and executive management alike need to understand and address the increasing scope and strain on the internal audit team.” Said March Schlagerter, managing director of governance, risk and compliance at Thomson Reuters.
Schlagerter adds that the under-valued responsibilities of internal auditing can be significantly reduced when senior managers visibly demonstrate support for robust programs that leverage technology to meet the changing demands of business.
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