As the economy becomes more complex, organizations find themselves confronting an increasing array of risks that can significantly—and negatively—affect their businesses. To understand how organizations around the world manage emerging risks, the AICPA and CIMA, in conjunction with NC State University, surveyed more than 1,300 executives worldwide and released the CGMA report, Global State of Enterprise Risk Oversight: Similarities and Differences in Opportunities for Improvement.
Some of the key findings from the report highlight the need for the development of risk management leadership—particularly in light of the many types of risk an organization might face. Sixty percent of organizations acknowledge that they face an increasing number of risk issues, yet less than 35 percent have a formal enterprise risk management (ERM) program in place. In this same vein, 70 percent would not describe their risk management oversight as mature, and 40 percent or less are satisfied with risk exposure reporting to senior management.
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Almost overnight, organizations have found themselves managing an entirely new paradigm: the open workforce. Driven by globalization, technological advances and a constantly fluctuating market, businesses must now look for expertise from new sources to work with their in-house teams. This new talent includes a complex mix of local and international freelancers, contractors, consultants and businesses partners.
New CGMA research shows that in more than a quarter of all organizations globally, at least 50 percent of talent is external. While the open workforce trend started in the US and Canada, it is expected to become the norm for more than a third of organizations worldwide within the next five years.
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As a busy CPA in Business and Industry, you may not have time to seek out resources to help you in your day-to-day work. More than 33,000 CGMAs are already enjoying access to valuable benefits like innovative thought leadership reports and tools. The following is just a sample of the dozens of resources available on CGMA.org.
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With the importance of ethics and non-financial reporting rising on the global agenda, accounting professionals are in a unique position to make an important contribution to creating a sustainable ethical operating environment. The AICPA and CIMA have developed a number of resources to assist CPA, CGMAs in guiding their organizations to long-term sustainability and success, but these resources shed light on the challenges many CPA business clients face, and so apply to CPAs in a firm setting as well.
Here are our top five.
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