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The benefits of digital transformation cannot be understated, with tools springing from this trend now being used across nearly every major industry to automate and accelerate processes, allowing GRC and security operations to quickly identify and respond to potential risks and issues.

Management guru Peter Drucker once said, “[only] what gets measured, gets managed.” So, how are organizations quantifying non-financial risk? Internal audit can play a key role in helping organizations develop strategies that tackle this issue.

A major research report has revealed a looming poly-crisis as a series of high-impact risk events are occurring simultaneously and exacerbating a multitude of interconnected risks. This includes ongoing economic uncertainty, the cost-of-living crisis, the Ukraine crisis and growing geopolitical turmoil, labour shortages, along with extreme weather events fuelled by the climate crisis.

The Digital Operational Resilience Act (DORA) is the European Union’s (EU) strategic approach to managing systemic risk within the financial system.

Internal auditors and industrial/commercial companies are still looking for best practices in dealing with the risks and benefits associated with ESG. The regulation is evolving quickly and it is not just about compliance but about the business, strategy, culture, and operations that must evolve.