Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

CYBER SAFETY TAKES A BACKWARD STEP, SURVEY OF AUDIT COMMITTEES SHOWS

CYBER SAFETY

Proportion of UK audit committee members dissatisfied with cyber information doubles

Audit committee members are becoming increasingly concerned by cyber threats according to a new survey by KPMG.  The firm’s latest research also suggests that the quality of information given to Audit Committees has declined over the past 12 months, making their ability to minimise risk that much harder.

Cyber safety takes a backward step, survey of audit committees shows

Cyber safety takes a backward step, survey of audit committees shows

KPMG’s Audit Committee Institute survey of nearly 1500 audit committee members worldwide, including over 120 in the UK, found that cyber is one of the areas audit committees feel least comfortable about.  Globally, 45 percent of respondents did not feel that their committee devoted enough agenda time to the issue. But this rose to nearly six in ten (58 percent) in the UK.

Indeed, KPMG’s survey found that concern about cyber has doubled amongst UK audit committees in the last year.  Whereas a year ago a quarter of UK respondents (24 percent) were not satisfied with the quality of information received about cyber risks, now nearly half (47 percent) believe that cyber information needs improvement.

About half of UK audit committee members (insert percent) said that it is “increasingly difficult” given the audit committee’s expertise and heavy agenda, for the committee to oversee major risks such as cyber in addition to financial reporting.

Stephen Bonner, partner at KPMG, commented:

“Given the rapidly growing public, political and media profile of the cyber threat, it is very worrying that audit committee members feel more concerned now about the issue than they did a year ago.  It shows that either companies are losing the battle against cyber criminals, or they are still not yet fully engaging with the threat.  It is a difficult issue that takes many executives and non-executives out of their comfort zone.  However, it is simply too big and fast-growing a risk for companies to tackle half-heartedly.”

KPMG’s survey found that cyber was not the only non-financial risk that audit committees are concerned about.  High on their list also were innovation risks and tracking the non-financial ‘leading indicators’ of a company’s performance such as talent management and brand perception.

“Audit committee agendas are not getting any lighter,” said Timothy Copnell, head of KPMG’s UK Audit Committee Institute. “Overseeing financial reporting and audit, and ensuring those activities have the right resources and talent, is a job in itself. This survey suggests that many audit committee agendas may be reaching a tipping point, and that it’s time to step back and assess whether audit committees are able to exercise even their fundamental responsibilities in an appropriate manner.”

A copy of KPMG’s 2014 Global Audit Committee Survey is available at www.kpmg.co.uk/aci

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post