Belgian entities have faced a myriad of evolving challenges and risks over the years. To remain agile and enhance stakeholder trust, Internal Audit is expected to assess and address these risks.
At KPMG we have analyzed and compiled the key risks, including both emerging and established risks, which could serve as a basis for Internal Audit functions to assess the organization’s risk profile and control environment throughout 2024. While the report below is not an exhaustive list of thematic areas, these can serve as a starting point from which the Internal Audit function can leverage during their assessment.
The continuing uncertainty and disruption across the economic landscape over the years are intensifying the pressures on businesses, resulting in several evolving challenges and risks. The recent geopolitical events introduce economic uncertainties, and the repercussions span over disruptions in supply chains, adjustments in EU monetary policy, and evolving stakeholder expectations. Besides this, there are numerous emerging risks due to disruptive technologies, cybersecurity threats, and regulatory changes which pose financial compliance challenges. Whilst considering these multidimensional challenges, organizations find themselves navigating uncharted territory. At the same time, in reaction to the unprecedented nature of these challenges, stakeholders have heightened their expectations.
Overall, the current confluence of crises requires a more proactive, forward-thinking, adaptive and dynamic approach to risk management. Organizations in the Belgian economy need to proactively address the challenges posed by these interconnected factors to foster resilience and sustainable growth.
Below, you find a non-exhaustive list of key risks that could serve as a basis for Internal Audit functions to assess the organisations risk profile and control environment throughout 2024:
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