The coronavirus (COVID-19) has transformed from a growing medical crisis to also a macroeconomic one in a matter of days.
The potential impact of the virus spooked markets around the world as it spread outside of China. no one is sure of the ultimate impact, it would be foolhardy for any nation or organization to ignore the rapidly spreading virus itself, or the indirect effect on global activities.
The virus is a vivid example of the emerging risks that I have written and spoken about extensively over the past several years. Some are very difficult to foresee, and their ultimate impact is hard to judge. But this difficulty does not mask the truth that COVID-19 presents a clear and compelling danger, not only for the health and well-being of the general population, but for organizations around the world.
These types of risks need attention, and internal audit’s unique skills and positioning can be invaluable. There are key actions internal auditors should already be starting in support of their organizations.
Read the IIA’s President and global CEO, Richard Chamber’s full blog HERE.