As the risk landscape changes, becomes more complex, and with increasing regulation, many organisations are looking to Internal Audit to provide 'assurance' and advice as 'risk and control' experts. This role has evolved over the past five years, increasingly to one in an advisory capacity – both protecting and creating value in the business. Whilst the exact details of the outcome of the UK Government Business Energy Industrial Strategy (BEIS) consultation are yet to be announced, It is expected this will continue to place a focus on the assurance agenda of an organisation, with Internal Audit playing a key role.
Internal Audit has an opportunity to be a leader in this assurance agenda. We are in a privileged position to look across the risk landscape of an organisation and advise on the 'what', 'where', 'when' and 'how' of assurance needs. As the role of the 'second line' compliance functions grow, on the back of topics such as Data Protection, ESG and risk, ensuring that you have the right balance of assurance across the organisation will be critical.
Internal Audit teams will be thinking carefully about where they can best contribute to managing risk and supporting the success of their organisations. BDO have put together a Internal Audit Agenda report that sets out some of the key areas that Internal Audit should be considering when thinking about that wider assurance landscape.
For further information and details of the support our team is able to provide, please download our publication.
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