Risk in Focus 2026 / 2027
Risk in Focus is an annual thought leadership research project analysing the top risks faced by organisations across Europe. Now in its 11th year, it is an essential tool for internal auditors, audit committees and boards seeking to understand the evolving risk landscape and the priorities of Chief Audit Executives (CAEs) across Europe.
Risk in Focus 2026/ 27 examines a rapidly changing environment shaped by increasingly interconnected risks. Cybersecurity remains the dominant concern, while digital disruption, new technologies and AI, alongside macroeconomic and geopolitical uncertainty, form a closely grouped second tier of risks. The findings highlight how the speed of technological change, geopolitical instability and regulatory complexity are challenging traditional approaches to governance, risk management and internal audit planning.
The report also explores how leading internal audit functions are responding by adopting more agile audit planning approaches, increasing collaboration across organisations and helping boards develop more dynamic and forward-looking governance models.
We hope this year's Risk in Focus provides practical insights to help internal auditors and organisations navigate an increasingly uncertain and fast-moving risk environment.
Read Risk in Focus 2026 / 2027
Key Findings
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Digital disruption, new technologies and AI rose from third to second place in the risk rankings, with 52% of CAEs identifying it as a top five risk. However, governance frameworks, risk maturity and assurance activity are struggling to keep pace with the speed of AI innovation, potentially creating significant organisational blind spots.
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Cybersecurity and data security remains the highest-ranked risk, with 86% of CAEs identifying it as a top five risk. Increasingly sophisticated cyber attacks, AI-enabled threats, supply chain vulnerabilities and geopolitical risks are driving continued concern across organisations.
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Macroeconomic and geopolitical uncertainty rose to third place, yet levels of risk maturity and internal audit effort remain comparatively low. The findings suggest organisations may need to strengthen governance, resilience and decision-making capabilities to respond effectively to an increasingly volatile external environment.
Risk in Focus 2026 / 2027 Board Briefing
The Board Briefing provides a concise summary of the report's findings for boards and senior executives.
As organisations face increasingly interconnected risks, boards require more agile and forward-looking oversight. Internal audit functions are playing an increasingly important role not only through assurance activities, but also by providing insight, challenge and foresight on strategic issues such as AI adoption, cybersecurity resilience and geopolitical uncertainty. The Board Briefing highlights the key themes, emerging risks and governance considerations that senior leaders should consider as they prepare for the year ahead.