Technology

New Report from The IIA’s Internal Audit Foundation Reveals Digital Disruption and Climate Change as Fastest Growing Risks for Organizations Worldwide

Published

12 hours ago

September 24, 2024

Internal auditors and stakeholders must upskill and refocus to handle new challenges and opportunities

LAKE MARY, Fla., Sept. 24, 2024 /PRNewswire/ — Digital disruption and climate change have emerged as the two fasting-growing risk areas for organizations across industries, according to The IIA’s Internal Audit Foundation’s latest Risk in Focus research. Based on feedback from more than 3,500 internal audit leaders around the world, global risk levels for digital disruption and climate change are projected to increase 20 percentage points and 16 percentage points, respectively, over the next three years – far outpacing other risk areas.

Despite the growing intensity of these risks, most audit plans do not currently prioritize them. In fact, neither digital disruption nor climate change were named among the top five areas where internal audit functions allocate the most time and effort, with both ranked in the lower half of audit priorities. Globally, internal audit functions focus predominantly on cybersecurity, governance/corporate reporting, and business continuity, indicating a perceived gap between evolving threats and current areas of attention.

“Our latest research tells us cybersecurity, business continuity, and human capital continue to hold the top three spots in risk ratings. However, respondents anticipate significant changes as risks related to climate change and digital disruption accelerate in the coming years,” said Anthony Pugliese, President and CEO of The Institute of Internal Auditors. “To ensure both short-term success and long-term sustainability, organizations and their internal audit functions must adapt risk management practices to keep pace with the changing risk landscape.”

Risk in Focus offers a comprehensive view of the current global risk landscape and how it is expected to evolve in the coming years. Because threats are expected to rise steeply for technological advancements and climate change, the 2025 reports focus on leading practices for mitigation of these risks.

Keeping Pace with Digital Disruption
Approximately 39% of survey respondents worldwide ranked digital disruption as a top five risk, with that number expected to jump to 59% in three years. For North America, these figures are even higher at 48% and 70%, respectively. Furthermore, respondents worldwide expect digital disruption to rise from the fourth to the second highest ranked risk area in three years.

Artificial intelligence (AI) has introduced new risks to watch, especially related to cybersecurity, according to 75% of respondents. AI has also impacted many other risk areas, including human capital, fraud, communications, reputation, and more.

AI is a particular focus for internal audit leaders concerning technology-related risks. Specifically, challenges include upskilling and adopting new tools, as well as global disparities in access to and knowledge of emerging technology.

Climate Regulations as a Key Risk Driver
Climate-related risks are currently ranked relatively low, but they are expected to rise substantially soon. About one in four (23%) of global respondents view climate change as a top five risk today. However, nearly 40% of respondents anticipate it will reach the top five in the next three years, climbing from 13th place to 5th.

Globally, roundtable participants agree that sustainability reporting and compliance requirements are the primary drivers for boards, management, and internal audit functions to allocate resources to climate change. The report revealed significant regional differences in climate-related risk perceptions. For instance, 33% of European audit leaders and 30% of Canadian audit leaders rate climate change as a top five risk, compared to 9% for the U.S. Despite the U.S. position, North American respondents expect ratings for climate change as a top 5 risk will double from 13% to 27% in three years.

“While climate change has long been recognized as a growing risk for organizations, these findings reveal the extent to which climate-related risks are expected to surge in the near term,” said Pugliese. “It is imperative for organizations, stakeholders, and internal audit leaders to objectively assess the short-term and longer-term risks to their organizations beyond basic compliance with regulations.”

Extreme weather can cause supply chain disruptions, higher operational costs, flooding, famine, and more. Some consumers and investors are calling on organizations to implement more sustainability initiatives. However, these sustainability initiatives must be reported accurately to avoid greenwashing and reputational damage.

Looking Ahead
Regional differences in the risk landscape were explored through roundtables and separate Risk in Focus reports for Africa, Asia Pacific, Europe, Latin America, the Middle East, and North America. These regional reports outline proactive steps that organizations and audit leaders across industries can take today to mitigate threats and embrace opportunities.

Embracing artificial intelligence and emerging technologies will be critical, as well as prioritizing upskilling, technology-oriented training, and recruitment to manage these risks effectively.

“The IIA has strongly advocated for internal audit functions to take a more strategic advisory role to better serve organizations and stakeholders,” said Pugliese. “The Risk in Focus findings underscore the importance of agile collaboration and partnership among internal audit functions, boards, and management to stay ahead of emerging threats and improve understanding of potential risk exposures.”

The IIA is dedicated to helping internal audit functions and organizations proactively manage potential risks. To help audit leaders collaborate with boards and management to address concerns related to digital disruption and climate change, The IIA offers online resources such as the AI Knowledge Center and ESG Knowledge Center.

About Risk in Focus
Survey results for Risk in Focus 2025 are based on responses from more than 3,500 internal audit leaders across Asia Pacific, Europe, Latin America, North America, Africa, and the Middle East. For further insights, roundtables and interviews were conducted with audit leaders from each region.

The Risk in Focus Global Summary and regional reports are available to the public at the Risk in Focus Resource Center.

About the Internal Audit Foundation
The Internal Audit Foundation, supported by the generosity of its donors, advances the practice of the profession by executing global research to explore issues impacting the profession and funding academic initiatives that support the pursuit and promotion of internal audit education within institutions of higher education.

About The Institute of Internal Auditors and the Internal Audit Profession
Internal auditing is an independent, objective assurance and consulting activity designed to add value, improve an organization’s operations, and help organizations meet their goals. Internal auditors are strategic business partners who bring an in-depth understanding of business culture, systems, and processes, which helps them evaluate and improve the effectiveness of risk management, control, and governance processes.

The Institute of Internal Auditors (The IIA) is an international professional association that serves more than 245,000 global members and has awarded more than 200,000 Certified Internal Auditor (CIA) certifications worldwide. Established in 1941, The IIA is recognized throughout the world as the internal audit profession’s leader in standards, certifications, education, research, and technical guidance.

For more information, visit theiia.org.

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SOURCE The Institute of Internal Auditors

Technology

Nuvve Updates Shareholders on Compliance Measures

Published

5 mins ago

September 25, 2024

SAN DIEGO, Sept. 24, 2024 /PRNewswire/ — Nuvve Holding Corp. (Nasdaq: NVVE), a leader in vehicle-to-grid (V2G) technology, has issued a letter to shareholders regarding actions taken to regain compliance with Nasdaq’s Bid Price Rule.

Nuvve recently executed a 1-for-10 reverse stock split, resulting in 652,727 shares outstanding. The Company encourages shareholders to protect their shares against market manipulation through actions such as holding shares in cash accounts and requesting “no loan” status.

For shareholder letter: https://nuvve.com/shareholder-letter/

For more information, contact investors@nuvve.com.

About Nuvve Holding Corp. Nuvve (Nasdaq: NVVE) transforms electric vehicles into grid resources, driving the transition to a net-zero future. Learn more at nuvve.com

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SOURCE Nuvve Holding Corp.

Technology

Wire and tube industry expos to spark international trade in Shanghai

Published

5 mins ago

September 25, 2024

SHANGHAI, Sept. 25, 2024 /PRNewswire/ — The wire China 2024 and Tube China 2024, organized by Shanghai Electric Cable Research Institute Co., Ltd., Messe Düsseldorf (Shanghai) Co., Ltd., Metallurgical Council of the China Council for the Promotion of Int’l Trade (MC-CCPIT), are scheduled to be held from September 25 to 28 at the Shanghai New International Expo Centre, aiming to drive industry advancement and foster connections.

This year, the two expos will span 10 pavilions, encompassing a total exhibition area of 109,250 square meters. Nearly 1,500 businesses from about 30 countries and regions are expected to participate. The two exhibitions will cover the entire industry chain of cables, wires and tubes, offering a professional and efficient one-stop platform for exchanges worldwide.

wire China 2024: supporting enterprises to foster new quality productive forces

The wire China 2024 event is poised to occupy an area of 80,500 sqm, setting a milestone in its growth trajectory. With the participation of nearly 1,100 enterprises from 26 countries and regions, the expo will serve as a platform to showcase the latest developments and trends in the industry.

The exhibition will showcase an array of offerings including wire and cable manufacturing and processing machinery, auxiliary cable processing equipment, raw and auxiliary materials for cables (optical cables), finished wire products and cables, measurement and control technology, testing engineering solutions. The showcase is designed to assist enterprises in accelerating their transition toward digitalization, fostering flexibility, enabling smart production, nurturing new quality productive forces and enhancing the production competitiveness of businesses. The 2024 edition will cover five major areas: Digital Intelligent & Innovative Equipment, Technology Tools & Auxiliary Materials, Green and Low-carbon Solutions, Wires & Cables and Measures & Control Technology.

China has been promoting development of new quality productive forces since the start of 2024, with burgeoning sectors like artificial intelligence; new materials; commercial aerospace; the low-altitude economy and smart connected vehicles. These innovations are infusing the wire industry with vitality and drawing the attention of numerous overseas enterprises to China. This year, the event will host businesses from countries and regions such as South Korea, Japan, the United States, Switzerland, the United Kingdom, Spain and Turkiye. Business delegations from Germany, Italy, France and Austria will be present at the W1 Pavilion to exhibit their innovations and latest breakthroughs.

Heavyweight participants

This year, the event has garnered robust backing from prominent industry associations, including the Asian Wire & Cable Industry Corporation Alliance (AWCCA); Germany’s Federal Ministry for Economic Affairs and Climate Action (BMWK); the Association of the German Trade Fair Industry (AUMA); the German Mechanical Engineering Industry Association (VDMA); the ITA/ICE-Italian Trade Agency (ITA); the Italian Wire Machinery Manufacturers Association (ACIMAF) and the Austrian Federal Economic Chamber (WKÖ).

List of some well-known participating brands:

NIEHOFF, WAFIOS, SIKORA, MAILLEFER, ROSENDAHL NEXTROM, BOROUGE, SAMP, PROTON, ELANTAS, ENEOS NUC, HANWHA, TOTOKU, KOS, MFL GROUP, TEIJIN ARAMID, ZUMBACH, EUROLLS, SWPG, ESTEVES, SHENG CHYEAN, PETROFER, HUNTSMAN, DSR, SMATER, SINGCHEER, HONTA, G.Y.M., HANDING, JCDOFAMA, XINGMING, GOLDEN TECHNOLOGIES , INOVANCE, DONY GROUP, LIQIANG MECHANICAL & ELECTRICAL, AEROSPACE NANHAI, YI TENG ELECTRIC, HUAYUAN, PANGHAO, WANMA MACROMOLECULE, TIANRONG, CGN GROUP, CABLE, ORIGINAL, PAMICA, QLPM, ATPOIMER, etc..

(*Information is updated as of August 31st, 2024. Listing is in no particular order)

Fostering new quality productive forces

Centering on digital intelligence and innovation, the expo will be a key platform to display products and services. Singcheer will introduce the SiMOM for remote collaborative manufacturing operations and an AGV logistics system tailored for the cable industry. Maillefer from Finland will showcase the latest AI panoramic scanner 2.0, while Inovance from Shenzhen will present a motorized cable extrusion solution using advanced control algorithms and the MD810 multi-drive. These digital intelligence and innovation products cover manufacturing equipment, industrial software, visual inspection and other specific businesses, empowering cable companies to transit toward intelligent manufacturing.

Leading new trends

The wire China 2024 is not just a trade platform, but a place to communicate the latest market trends and release new products and solutions. This year, there will be nearly 60 high-end technological communication events.

The annual China Wire and Cable Industry Annual Conference will have in-depth discussions on new quality productive forces and high-quality development. Participants will share opinions on new market opportunities and challenges, exchange insights on the market trends, analyze the development status of the wire and cable industry, release annual reports on the development of international and domestic cable standardization work, as well as business competitiveness analysis reports. Simultaneously, the conference will address quality and technical issues related to typical products, unveil significant common technical research accomplishments and identify challenges and hurdles in emerging technological domains within the cable industry. The event aims to inspire businesses, bolster their confidence, foster courage in confronting challenges, and contribute to enhancing the development standards of both the industry chain and the supply chain.

The themed forums for wire and cable businesses will cover industrial economics and the development of the cable industry; the role of intelligent equipment in supporting high-quality development; green and low-carbon innovations in cable materials; high-quality special materials aiding the development of new energy vehicles; efficient and energy-saving electrical equipment; cable industry resource recycling technologies and digital intelligence empowering the development of the cable manufacturing industry.

Tube China 2024: 20 years of companionship, jointly shaping the new future of the industry.

As one of leading professional expos for tubes in Asia, Tube China 2024 has a total exhibition area of 28,750 sqm. Nearly 400 brands from 13 countries and regions including Germany, Japan, South Korea, Italy, the Netherlands, Latvia, Norway, Switzerland, and the United Kingdom will participate in the event. Tube China will present a high-level industry feast of intelligence and tube manufacturing for the Chinese tube industry and its upstream and downstream sectors.

This year, the expo will welcome some first-time participants including Fanuc. Industry-leading players including Fanuc, IPG, Kinkelder, Stark, Inductotherm, SINOAUDE, Halifax Fan and ENRX will bring their latest developments to the event. Enterprises such as IPG, Changen, Longxin, Huibaisheng and Huinengda will focus on showcasing innovative products and applications related to lasers and optoelectronics; optics and optical manufacturing; testing and quality control; as well as the innovative products and application solutions of infrared technology and applications.

List of some well-known participating brands:

FANUC, IPG, KINKELDER, STARK, INDUCTOTHERM, SINOAUDE, HALIFAX FAN, ENRX, HUIBAISHENG, SINOFORM, CHANGEN, HANDUK, KTM, TOYOKOHAN, TAELIM, VICTAULIC-TUWEI, TEMA, DONGAN, FIELD, AMPCO, ARES, JINYI, SONGYANG STAINLESS STEEL INDUSTRY ASSOCIATION, CHENLONG, ZHONGYONG, CHANGFENG, WAN-RUN DA , BOKENA, TUS PIPE, LONGXIN, NANYANG, CONTOR M & E, SHENGTIAN, NEW VICTOR, HUAYANG, HUILITONG, BAOFENG, JINCHUANG XINTIAN, HAIQIANWEI, FUGANG, ASCENDING, JUYI, LIWAN, VICTORY, ZHONGHAO, YOUFA, etc..

(*Information is updated as of August 31st, 2024. Listing is in no particular order)

Concurrent events, including the China International Steel Tube & Pipe Summit and the 2024 Heat Treatment Technology Seminar, will be organized during the expo to enhance communication, foster partnerships, drive technological innovation and uphold high-quality development within the industry.

A variety of activities will be organized to celebrate the 20th anniversary of the annual expo and the longstanding support from all participants of the expo.

Looking ahead, organizers of wire & Tube China will continue to promote development of the event to promote exchanges and bolster quality development of the industry.

View original content:https://www.prnewswire.com/apac/news-releases/wire-and-tube-industry-expos-to-spark-international-trade-in-shanghai-302255418.html

SOURCE Messe Düsseldorf Shanghai

Technology

PayMongo and Brankas Now Offer the Widest Range of Payment Options in the Philippines

Published

5 mins ago

September 25, 2024

Enable seamless, secure, and direct online banking payments with Brankas through PayMongo, featuring top Philippine banks BDO, Metrobank, and Landbank.

MANILA, Philippines, Sept. 25, 2024 /PRNewswire/ — PayMongo has partnered with Brankas to add new payment options to the PayMongo platform, making it the payment gateway with the widest range of payment options for Filipino businesses. PayMongo payment options include credit cards, e-wallets, BNPL, QRPh, and online banking. PayMongo merchants can now accept direct online banking payments from three additional Philippine banks — BDO, Metrobank, and Landbank — offering greater convenience and flexibility for both merchants and customers.

eCommerce stores, food delivery websites, ride-hailing apps, and gaming platforms that are PayMongo merchants can accept more forms of payments by integrating Brankas Direct API. This pay-by-bank channel is another trusted payment method that makes transactions faster and enhances the overall payment experience for users.

“Brankas and PayMongo share the same commitment to deliver fast and secure payment experience for users. Offering more payment options is a win-win for both customers and merchants as we offer greater payment flexibility and customer reach at the same time.” said Todd Schweitzer, Brankas CEO and Co-founder.

How to Get Started with Brankas Direct

To start accepting direct online banking payments, existing PayMongo merchants simply need to contact PayMongo Customer Support to request the activation of BDO, Metrobank, and Landbank payment options. The feature is available for Shopify plug-in users, PayMongo’s Custom & Checkout API, PayMongo Pages, and PayMongo Links. Users of the custom API require minimal updates, and the PayMongo developer website provides the full details.

Ready to enhance your payment offerings and provide a better customer experience? Enable Brankas Direct through PayMongo now. Visit Brankas Direct or PayMongo to learn more.

About PayMongo

PayMongo is a leading financial infrastructure platform in the Philippines, designed to simplify how businesses manage their finances. From payment processing to embedding financial services, PayMongo provides solutions that enable businesses to accept payments both online and in-person, streamline financial operations, and drive profitability. By offering a wide range of payment options and seamless integration, PayMongo empowers businesses to grow their revenue and succeed in the digital economy.

About Brankas

Brankas is a leading global open finance technology provider. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their open finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas’ secure open banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.

Media Enquiries:

Yiyang Teo
yiyang.teo@brank.as

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SOURCE Brankas