21 Virtual Brochure – February 2024 2. A European View on the Risk Environment – Dec 2023 Executive summary As the partner piece to Uniac’s annual risk analysis briefing, we’re pleased to present our analysis of the European Confederation of Institutes of Internal Auditing (ECIIA) 2024 risk in focus report. This is based on a wide-ranging survey and roundtable discussions with Chief Audit Executives (CAEs) from multiple business sectors across 17 European countries. Our briefing provides: • a summary of the most significant current and future business risks as perceived across a broad range of sectors, including financial services, technology, healthcare, consumer and retail, and leisure and hospitality • our commentary on the highest ranked risk areas and areas of increasing risk, in both a UK and UK higher education (HE) context, with questions for senior leaders and audit committees; and • a comparative analysis of internal audit effort relative to the top risk areas. We hope that this will be of use to inform discussions about strategic risks, risk management and shaping future internal audit programmes. The 2024 ECIIA report describes the challenges that leaders and organisations face in responding to multiple, simultaneous challenges and risks affecting every aspect of business operations. This year’s report particularly emphasises the impacts of inflation, regional conflicts and political and economic uncertainties, the explosion of disruptive new technologies that offer huge opportunities but also create new vulnerabilities, and growing risks from climate change. While European businesses are occupied with responding to new sustainability reporting requirements, the practical challenges of managing the consequences of more frequent extreme weather events are also being felt. Core messages from the 2023 report remain highly relevant, not least how to prepare and help employees give their best in challenging circumstances when many are struggling with cost-of-living pressures and there is evidence that discretionary commitment is waning.
RkJQdWJsaXNoZXIy NTI5NzM=