As we navigate the evolving landscape of 2024, it's crucial to stay informed about the key risks and opportunities that lie ahead. This blog post explores the top concerns for Chief Audit Executives (CAEs), shedding light on how organisations can effectively address them.
Macroeconomic and Geopolitical Uncertainty: Adapting to an Evolving Landscape
In an ever-shifting economic and global political climate, Chief Audit Executives (CAEs) have consistently identified macroeconomic and geopolitical uncertainty as a top concern. Organisations have been facing challenges such as rising inflation, increased interest rates, and supply chain disruptions while adapting to changing customer behaviours and financial risks. It's important for organisations to foster collaboration between board members and CAEs and make strategic decisions based on sound risk assessment and long-term vision.
Cybersecurity and Data Security: Preserving Digital Resilience
In the age of digital transformation, cybersecurity and data security are critical concerns, with 84% of CAEs ranking them as top priorities. Disruptive technologies like AI have increased the need for robust cybersecurity measures. Boards should prioritise resilience and prepare for impending regulations like the EU's Data Act and Cyber Resilience Act. Internal auditors play a key role in securing digital platforms, implementing disaster recovery plans, and conducting regular risk assessments to identify and mitigate potential threats.
New Technology and AI: Embracing the Power of Innovation
The integration of AI technology is transforming industries and driving productivity and efficiency. According to recent studies, over 90% of CEOs have integrated AI into their capital allocation strategies, recognising its potential to drive productivity and enhance efficiency.
However, ethical considerations and potential risks associated with generative AI remain a source of concern for many. It is important for businesses to approach AI with a sense of responsibility and commitment to ethical principles to address these concerns.
Job Seekers and AI: Navigating the New Recruitment Landscape
AI is playing an increasingly important role in recruitment processes, with 51% of UK job seekers recognising its presence in job searches and applications. AI-driven platforms help job seekers tailor their applications, find relevant job opportunities, and provide simulated interview scenarios with personalised feedback. Job seekers must adapt to the integration of AI into recruitment processes and use it to their advantage.
By understanding the key risks and trends, organisations and individuals can prepare themselves for success, by adapting to evolving landscapes and seizing opportunities for growth and innovation.
For further information key trends for 2024, you can download our Insights Document by completing the form below.