AI & Automation AI Adoption AI Agents Application Security Artificial Intelligence Authentication Authorization Automation Business CI/CD Security Cloud Cloud Integration Cloud Networking Cloud Security Cyber Risk Cybersecurity Data Analytics Data Privacy Data Protection Finance IT Infra IT Operations IT Security IT Strategy Secure by Design Secure Coding Secure Connectivity Secure Development Secure Integration Secure Software Practices Security Security Security Automation Security Best Practices Security Engineering Security Operations Security Policy Security Strategy Whitepapers

How Internal Audit Can Play a Key Role in Supply Chain Resilience

1,262 1 minute read

The COVID-19 pandemic laid bare the vulnerabilities inherent in all supply chain models, causing widespread disruptions and illuminating the need for robust risk management strategies. This event did not create the need for supply chain risk management but exposed the limitations of existing frameworks. The pandemic’s impact was multifaceted, leading to shortages of essential goods and highlighting the interconnected nature of global supply chains.

In 2023, these challenges were compounded by ongoing geopolitical tensions, so much so that nearly half of CEOs said they are considering adjusting their supply chains to mitigate against exposure to geopolitical conflict within the next 12 months in a PwC survey. Sanctions and trade barriers have necessitated the reconfiguration of supply routes and sourcing strategies. Furthermore, cyberattacks are a growing threat to organizations of all sizes, and ransomware supply chain attacks have become more frequent and more severe. Last summer, an attack on a third-party software provider managed to compromise more than 620 organizations. Such incidents underline the need for robust cybersecurity measures and the importance of integrating these considerations into overall supply chain risk management strategies.

In an increasingly uncertain world where the next big crisis could always be around the corner, internal audit’s ability to provide assurance and assess the potential risks posed by supply chain disruption is a valuable skill set to possess. This report by the Chartered Institute of Internal Auditors and AuditBoard was produced from interviews with CAEs, audit committees, and internal audit professionals who work in industries that are heavily reliant on global supply chains. Explore their insights on how internal auditors can help their organizations build more resilient, secure, and diverse supply chains, reducing their exposure to risk and increasing their ability to respond to unexpected events.

The report dives into three key themes relating to supply chain resilience and security:

How organizations identify and manage supply chain risks and how internal audit can help improve this process.
What strategies organizations and internal audit teams can deploy to tackle the risks in the supply chain.
How organizations and internal audit can use collaboration tools and leverage technology to reduce and mitigate the impacts of supply chain risks.

Get your copy today!