For 2009, Ernst and Young has compiled the top 10 business risks for your companies operations. As regulation and compliance is #2, SAS 70 audits should be a priority to complete in 2009.
With the downturn in the economy, your controls should not be the first area to fall. If you must conserve, turn to green controls or automate your controls using technology. Develop a long-term relationship with a respectable IT auditor that has experience in your industry. There advice may cost upfront, but the potential revenue growth can be exponential.
Here are the risks:
- The credit crunch. (Number 2 in the 2008 report.)
- Regulation and compliance. (Number 1 last year.)
- Deepening recession. (New this year)
- Radical greening. (9)
- Non-traditional entrants. (16)
- Cost cutting. (8)
- Managing talent. (11)
- Executing alliances and transactions. (7)
- Business model redundancy. (New)
- Reputation risks. (22)