This practical guidance is part of our Risk in Focus 2021 publication and addresses the key topic: macroeconomic and geopolitical uncertainty.
It was developed following the Risk in Focus research by 10 European institutes of internal auditors in Austria, Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Spain, Sweden and the UK & Ireland.
Its aim is to help practitioners learn from experienced professionals (experts, operational teams or internal audit) and to offer practitioners useful reflections that we believe are of particular interest when auditing this topic.
33% of the CAEs surveyed in Risk in Focus 2021 cited macroeconomic and geopolitical uncertainty as a top five risk, and 8% say that this is the biggest single risk their company is currently exposed to. However, only 3% say that this is an area where internal audit currently spends most time and effort.
Through this guidance, we have taken the opportunity to explore in greater detail how internal audit should approach macroeconomic and geopolitical uncertainty risks. Question is: what can internal audit do to ensure that the organisations they serve are prepared for these risks?