Nine areas of focus have come out of the results of Deloitte's latest survey of chief audit executives (CAEs) with recommendations for action. The survey, which has been widely reported, indicated that in the opinion of the responding CAEs only 28% of them “believe their functions have strong impact and influence in their organizations, while 16 percent felt that Internal Audit has little to no impact and influence”.
How do you make decisions in your personal life? How do you decide where to live, which car to buy, and where to go for lunch? For many of us, the last is the most difficult decision to make in a day! Consider your current situation and determine whether the decision is acceptable or not in the circumstances. Risk practitioners are often the voice of gloom in the decision-making process, pointing out what could go wrong. Balancing that with the positive outcomes can lead to effective decision-making.
From time to time, I am asked about the best risk management activity I have seen. Perhaps the best overall ERM was at SAP. I wouldn’t say it was perfect but it did include not only periodic reviews but the careful consideration of risk in every revenue transaction (including contracting) and development activity.
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