According to survey, in which 1,800 audit committee members in 21 countries participated, and only one in four audit committee members said that they are satisfied with their managing management plans.
KPMG said that the US results to its survey were in line with those reported globally. 47% of US audit committee members who responded said that while their companies had implemented risk management systems, the programs still required substantial work. Nearly 30% of US respondents said they were not satisfied with the company’s crisis readiness and response plan.
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The report added that the quality of risk information related to cyber security, global systemic risk, and the pace of technology change is lowest three among 10 categories of risk as per audit committee members in the US .
Nearly half (48%) of the respondents were found to be confident that their company’s governance activities are focused on the greatest risks to the brand. US results matched global trends, with only 46% of US respondents expressing satisfaction with their company’s governance activities around the risks that pose the greatest threat to the company’s reputation and brand.
Audit committee members also expressed concern about social media monitoring, with 40% of both global and US respondents reporting that their company does not have an external monitoring program in place to help identify emerging risks.
Survey respondents also reported that their audit committees have primary responsibility for oversight of various risks in addition to financial reporting risk, including financial risks (79%), legal/regulatory compliance (71%), the company’s risk oversight process (58%), operational risks (49%), cyber security (38%), and technology risk (33%).
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By GlobalData
