Jim Woods, our Global and China/Hong Kong Risk Assurance leader talks about how companies in Asia Pacific, particularly China and Hong Kong, shift to manage risk from the first line of defence which is the senior management and business units.
The findings show that Asia Pacific companies are increasingly moving risk management programme back to their senior management and business units - the first line of defence - while also increasing alignment across all three lines of defence. Risk and compliance functions (the second line) and internal audit (the third line) remain critical partners in executing risk management effectively. Our analysis outlines the compelling benefits of making this shift.
While cybersecurity continues to be a growing threat, only 41% of Asia Pacific respondents say that their companies are managing cybersecurity risks effectively. Leadership from the C-Suite is key to minimise cybersecurity risks and for strong risk management in general.
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