Role of accountants in risk management changing, says ACCA

The role of accountants in regards to risk management is changing due to the Covid-19 pandemic, environmental sustainability and worldwide economic downturn, according to a new report from the Association of Chartered Certified Accountants (ACCA).

In its new ‘Rethinking risk for the future’ report, the international organisation names accountants as the “guardians of information” in detecting, understanding and reporting on emerging risks.

Rachael Johnson, report author and ACCA’s head of risk management and corporate governance, said: “What’s clear from our engagement with ACCA members is the need for professional accountants to truly understand the strategic and business risks that their organisations face in the short, medium and long-term.

“In this way, through providing better informed decision making, they can help organisations maintain operational resilience and become more sustainable in today’s fast-changing, interconnected environment.”

Helen Brand, ACCA’s chief executive, said: “Because of Covid-19, we’ve all learned new and vital lessons about effective risk management over the last year, so that disruption preparedness is now top of organisations’ priorities.

“The challenge is about how this readiness is sustained. Professional accountants are central to all this – that’s why now is the time for the profession to show in real ways how it helps organisations change behaviour, rethink risk, and how accountants can help set the tone from the very top.”