CEOs struggle to see value of risk professionals, finds study
Audit, risk management and compliance professionals face an uphill battle when it comes to getting their bosses to see the value of their work.
Audit, risk management and compliance professionals face an uphill battle when it comes to getting their bosses to see the value of their work.
Audit, risk management and compliance professionals face an uphill battle when it comes to getting their bosses to see the value of their work.
A survey by the risk management software company ACL found that 42% of 1700 international respondents said that explaining their work in a context that appeals to executives was their biggest challenge in the workplace.
This is despite the fact that more than 9 out of 10 agreed that their position in the company puts them a unique position to identify opportunities and improve operational performance – if they could get sign off from senior management.
Part of the problem, claims ACL, is that many people working in audit, risk management compliance are using outdated and non-purpose-built technology that leaves employees short on time and resources, and prevents them from translating their observations into useful action.
“The stark reality for GRC professionals is that it is impossible to demonstrate strategic value if your daily reality is dominated by administrative work,” commented Ross Paul, vice president of global operations at ACL, who suggests that organisations move away from spreadsheets and explore more targeted technology.
“This surprising blind spot not only underutilises GRC professionals who can have a positive impact on financial performance, it puts companies at great risk,” he added.
The research also found that security remains a major concern for Governance, Risk Management and Compliance (GRC) professionals. However, whereas the 2013 survey found that these fears centred around internal fraud and waste, the most recent survey saw a shift in focus to external data security and privacy.