Thoughts From #AuditandBeyond

I recently virtually attended AuditBoard’s #AuditandBeyond Conference. One of the most interesting keynotes for me was “Risk and Audit Transformation in the Era of Permacrisis” featuring Richard Chambers.

Admittedly, prior to registering for the conference, I had never heard of a ‘permacrisis’ before. Permacrisis was coined in 2022 to define an extended period of insecurity and instability. Since 2021, this term has been rising in popularity to describe the 2020’s era thus far. Richard’s overall message imparted that executives and leaders in IA and Risk should focus on 5 initiatives in order to keep up with the ever-changing risk environment we face due to permacrisis. 
1. Transforming our mindset
2. Striving for impactful stakeholder communication
3. Enhancing capabilities to identify emerging risks
4. Improving capabilities to continuously monitor risks
5. Expanding the use of automation and analytics

From my perspective, Richard hit the nail on the head. Leaders of today’s organizations are tasked with bringing improved perspective and agility to transform their risk management and/or internal audit function at a pace that can keep up with our changing risk landscape.

I’d like to add that as a risk management professional (internal audit, risk advisory, internal controls), it’s clear to me that today’s professional requires more than the skillset to perform tests but also the willingness to voice their thoughts and discover ways for collaboration and interconnectedness across various segments of an organization. It’s up to leadership to create environments where practitioners are empowered to communicate relevant opportunities and ideas that transform the way we work and how we are able to adjust to the ever-changing risk landscape. While the emerging risks we face will be challenging – and certainly unpredictable, I look forward to being part of the conversation, sharing thought-leadership, and creating improvements for my clients.