The risks related to these events are on the minds of business executives: Geopolitical risk is at the top of CEO agendas, according to a late 2022 study by McKinsey & Company. And geopolitical uncertainty has for several years been ranked by chief audit executives as one of the top risks facing organizations, as evidenced by its elevation last year from seventh biggest risk to third in the Chartered Institute of Internal Auditors' annual Risk in Focus survey.
However, despite its growing prominence and severity, geopolitical uncertainty is still the risk that internal audit spends the least time auditing, according to a new research report by the Chartered Institute of Internal Auditors (CIIA), Association of Insurance and Risk Managers in Industry and Commerce (Airmic), and AuditBoard. Navigating Geopolitical Risk: Building Resilience Demands Collaboration in a Challenging World demonstrates why risk and internal audit professionals need to relook at the way they collaborate as their organizations work to build resilience. Elevated uncertainty created by an increase in volatility, complexity, and pace of change in today's geopolitical era calls for new approaches to be adopted.
Download the full report for a deep dive into:
- Identifying geopolitical risks — including the upside risks to geopolitics.
- Tools, frameworks, and approaches for risk and internal audit professionals to effectively collaborate when responding to geopolitical risks.
- Case studies based on geopolitical scenarios either happening now or on the horizon, including conflict involving China, cybersecurity, the war in Ukraine, climate change, and more.