The magnitude of risks continues to increase in the power and utilities sector. Internal audit departments are looking to manage those risks more effectively by collaborating with other risk assurance providers in the development of innovative solutions and through employment of cutting-edge analytical capabilities.
PwC’s ninth annual survey of power and utilities chief audit executives (CAEs) finds that although internet technology (IT) continues to be a high risk area among CAEs, it’s also a key enabler for more effective and efficient risk management through governance, risk and compliance (GRC) technologies and data analytics.
Key findings from the survey include:
- Focusing on the critical risks is the top improvement goal for CAEs over the next 12-36 months;
- Cybersecurity was ranked the highest risk overall and most concerning among respondents;
- 58 percent of utilities have developed a combined risk assurance map to help with the integration of the company’s risk assurance functions.