Artificial Intelligence (AI) rose to public prominence in recent years, and organisations are exploring how AI will disrupt their markets, operations, workforce and risk landscapes. This highlights the need for all three lines of defence to work together to manage AI risks and opportunities.

Governance is how an organisation is directed, controlled, and held accountable to achieve its objectives - all while balancing competing stakeholder interests. Organisations implement governance through a combination of frameworks, processes, and practices - which are crucial for risk professionals to understand to manage and mitigate risk.

Critical thinking is an essential skill to develop in a digital risk career. Without critical thinking, you risk poor decisions that will expose your organisation to unnecessary risk. It is common to avoid critical thinking in every day life - it would be exhausting to think critically 24/7, instead we use techniques such as heuristics, as well as developing trust, to essentially save your brain’s bandwidth and processing needs. But in important situations which require well thought through decisions, heuristics and its more dangerous friend the cognitive bias, may lead to poor reasoning and weak analytical rigour. ...

Further reading The quality and effectiveness of audit: independent review - Gov UK Sir Donald Brydon issues his report on the quality and effectiveness of audit - Deloitte UK