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Cars are the worst product category for breaching data privacy
Modern cars are a “privacy nightmare” and have questionable security practices, according to a report by the tech company Mozilla. While cars have increasingly been described as “computers on wheels” because of their advanced technological capabilities, the report says that the 25 car brands it reviewed failed their tests. That has made them “the worst category…
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SME’s “overwhelmed” by daily grind for ESG preparations
Smaller businesses are too overwhelmed by coping with day-to-day business demands to focus on sustainability issues, the UK accountancy body ICAEW said. Research by the organisation showed that net zero, for instance, had “massively dropped down the priority list” because businesses in that category were concerned about the costs of preparing for it. A transition plan…
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Climate litigation on the rise
Climate-related litigation is becoming a major source of risk as cases against businesses continue to rise, according to Frank Elderson, a member of the executive board of the European Central Bank (ECB). Speaking at the ECB’s legal conference in Frankfurt am Main this September, he said: “Litigants are coming after the banks, ‘come hell or…
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Generative AI considered an emerging risk
Enterprise risk executives said that generative AI – such as ChatGPT and Google Bard – were a top concern, according to a recent survey by the analyst Gartner. “Generative AI was the second most-frequently named risk in our second quarter survey, appearing in the top 10 for the first time,” said Ran Xu director, research in…
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New pandemic risk a reality
Another pandemic and disrupted energy supplies ranked as two of the most significant risks to the UK in the government’s 2023 National Risk Register. The document declassifies some risks for the first time. The report said that there is a 5-25 per cent likelihood of a frest “catastrophic” pandemic over the next five years. Previously, it…
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Boards get updated cyber toolkit
The UK’s National Cyber Security Centre (NCSC) has updated its toolkit for boards in an effort to improve help organisations embed cyber resilience and risk management throughout their organisations. NCSC said that boards must view cyber security as a strategic issue. “Cyber security risk should have the same prominence as financial or legal risks in board discussions.…
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ISSB issues global sustainability disclosure standards
The International Standards Setting Board released two major documents on sustainability in June – IFRS1 and IFRS2. IFRS1 set out the General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 sets out Climate-related Disclosures. Together the rules will clarify how organisations need to report sustainability-related disclosures in capital markets worldwide. Building trust “The ISSB…
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Only one in four organisations achieve extensive digital transformation
Over the past decade only one in four organisations said they had achieved extensive or complete digitalisation, according to a new study by the Association for Intelligent Information Management. A further 39 per cent said they had managed to implement significant progress – defined as completing multiple transformation projects. The three main challenges to digitalisation are lack…
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UK’s local government audit “close to breaking point”
The system of local auditing in the UK is “close to breaking point”, the House of Commons Committee on Public Accounts (PAC) said. Local government bodies looking to publish their accounts for 2021-22 received only 12 per cent of local audit opinions – despite having an extended deadline. By the end of November 2022, auditors had failed…
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Businesses struggle to keep pace with compliance burden
Businesses are struggling to keep pace with the growing burden of compliance, according to a Thompson Reuters study. Most organisations (73 per cent) said they expected the volume of regulatory change to increase over the next twelve months – 27 per cent said it would do so significantly. They also said balancing competitive and compliance pressures…
