NEW YORK: Wolters Kluwer, a global leader in professional information, software solutions and services, today announced the launch of a new report Paving the Way to Integrated Assurance: A Proactive Approach.” This report outlines the critical role integrated assurance plays in risk management and organizational success in today's complex business environment.

Based on a comprehensive global survey of 850 audit and assurance professionals, the report highlights the need for sustainable approaches to breaking down “silos” within risk management and assurance functions, which can result in inefficiencies, duplicative efforts, and incomplete reporting.

Key findings

• Only 16% of organizations have aligned their risk management efforts effectively with clear communication across their functions
• 40% of organizations struggle with duplicative assurance efforts, and 64% maintain multiple risk libraries
• Over half (56%) indicated a “strong” or “critical” need for greater alignment, communication, coordination, and collaboration
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Jim Pelletier, Lead Product Manager at Wolters Kluwer TeamMate, said: “Integrated assurance isn't just a concept. It’s an essential approach for organizations to achieve clarity in how risks are managed and reported in order to enable informed decision making. Organizations that invest in advanced technologies, drive coordination and alignment and empower leadership from internal audit will be better positioned to understand, align and act on their risk management and assurance strategies.”

Key Insights