When the internet and technology are the lifeblood of modern business operations, it is no wonder that data privacy has taken the center stage. According to a Pew Research Center report, 79% of consumers have raised concerns about personal data that organizations collect. These concerns have as much to do with discrimination and law as they do with ethics and policy. Across the EU, UK, USA, China, Singapore, and virtually every other location on the planet, the regulatory landscape for data privacy has changed and continues to evolve. In the EU, the General Data Protection Regulation (GDPR enforceable in 2018) and its policies have effected change worldwide.
The primary role of auditors is to help the organization remain compliant and meet its objectives efficiently. The growing and changing needs of stakeholders, crisis management requirements, and uncertainty have widened the scope of internal audits. In response to these requirements, new trends have emerged in the field of internal audit that will add value to the organization and guide it through the landscape of risks.
In the modern-day market and workplace, risk is a part and parcel of business operations. Considering the shift to remote working, threats and potential vulnerabilities are ever present, which is why risk management is now a top priority. As a matter of fact, in 2021, General Data Protection Regulation fines rose by around 40%. Big names like the Marriott and British Airways incurred fines of $23.8 million and $26 million, respectively, for data breaches. This is the cost of poor risk assessment and management controls in today’s economic climate. Thankfully, auditors and risk management teams can get ahead of such problem areas with clearly defined key risk indicators (KRIs).