Risk Culture and Business-Aware Auditors

Bloomberg Businessweek’s special report on risk management contains some good reading.

This story addresses the risk cultures within organizations. Here’s a passage:

Nearly half of executive teams lack the information they need to manage effectively because employees withhold vital input out of fear that doing otherwise will reflect poorly on them. This restricted information flow can cripple a company’s ability to identify and respond to internal and external threats. A recent survey by the Corporate Executive Board of more than 400,000 employees across various industries reveals that companies that break down two key barriers to honest feedback not only reduce fraud and misconduct, but also deliver peer-beating shareholder returns by a substantial margin.

This article examines the changing role of the chief audit executive http://nbajerseys.altervista.org, a topic spelled out in more detail in this white paper. Here’s a taste of the article:

With risk now a core focus for boards of directors and senior executives oakley prescription sunglasses, the CAE, who has traditionally been relegated to the tactical execution of an annual audit plan, is uniquely positioned to play a central role in the risk-intelligent company http://nbajerseys.altervista.org, thanks to his or her visibility into oakley prescription sunglasses, and understanding of, the enterprise’s holistic risk-management activities. For companies to maximize the strategic contributions of the CAE, however oakley prescription sunglasses, they must have both a business-aware auditor and an audit-aware board and leadership group. ###

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