The Audit Podcast Ep 214: Connected Risk w/ Richard Chambers
Oct 29, 2024
Richard Chambers, former CEO of the IIA and current senior advisor at AuditBoard, dives into the critical notion of connected risk. He emphasizes its growing importance, particularly in an era shaped by disruption like COVID-19. The conversation revolves around fostering cross-functional teamwork in risk management, anticipating downstream impacts, and embracing change for better collaboration. Chambers also shares insights from his book, advocating for a proactive approach to turn risks into opportunities and enhance audit practices.
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Episode notes
Deception Often Comes From Omission
- Richard described testing ideas with ChatGPT while drafting a blog on how audit committees get deceived.
- He noted deception often arises from omission rather than deliberate lies.
Cross-Functional Risk Is Now Essential
- Connected risk means breaking down hardened silos and managing risk cross-functionally.
- Collaboration preserves specialized roles while improving the organization's ability to spot and manage surprises.
A Universal Appetite For Collaboration
- The connected risk message has broad appeal, even in regulated industries that worry about independence.
- The 2020s demand collaboration because emerging risks come faster and are more volatile.
