Boards Poised to Spotlight IT Risks?

If you're in financial IT, prepare for greater attention from corporate board and C-suite types worried about what might go wrong.

This year's Public Company Audit Committee Member Survey found these corporate board overseers feel they should be devoting more agenda time to getting a handle on IT risk. And if audit committees start raising the area's profile as the study suggests they will, it's a good bet that senior management will do the same.

Only 15 percent of audit committee members taking part in the survey were "very satisfied" with their oversight of IT procedures at their company. About one in five said their IT risk oversight needed improvement.

While increasingly concerned about IT, committee members feel more comfortable with their checking on managements' handling of accounting issues and Section 404 compliance. About 80 percent said they were "very satisfied" with their oversight of management's accounting judgments and estimates -- up 10 percentage points over last year.

KPMG's Audit Committee Institute (ACI) and the National Association of Corporate Directors (NACD) sponsored the annual survey.

For more figures, read the full story on JobsintheMoney.

Audit Committees Voice Concern Over IT Risk [JITM]