Set against a fragile economic backdrop of high inflation and geopolitical repercussions of the war in Ukraine, many businesses are grappling with fast-moving and uncertain risks, while there are also concerns about regulatory changes increasing the burden of red tape, cited by 43% of respondents.

As a result, boards and internal auditors need to do more to build greater organisational resilience to combat these risks, according to the Chartered Institute of Internal Auditors (IIA) Risk in Focus 2024 report.

Cybersecurity was viewed as the number one risk for businesses, cited by 84% of respondents.