Financial resilience and stability have been paramount issues for organisations during the COVID period. With the pandemic having impacted operations, many businesses have faced difficult decisions around cost-savings with budget cuts and redundancies. There have also been a number of challenges faced by internal audit teams such as competing priorities and lack of resources. Others have been affected by furlough or redeployment.
This report offers a critical guide for navigating financial, capital and liquidity risk that includes both actions and considerations for internal audit, as well as case study examples from different sectors.
This report is the coming together of six sector specific roundtable discussions with 40 Chief Audit Executives from a range of sectors including financial services, hospitality, aviation and travel, retail, public sector and third sector. The discussions took place virtually in May 2021.
The purpose of these roundtable discussions was to explore how the internal audit profession can reimagine its approaches to financial stability and sustainability and help businesses highlight relevant opportunities. The discussions have formed the basis of the six case studies included in this report, highlighting examples of how a range of sectors have effectively managed and mitigated financial, capital and liquidity risk as well as the key lessons that they have learnt along the way.