More than 40 percent of audit committee members stated their risk-management programs and procedures require substantial work, a recent report by KPMG’s Audit Committee Institute (ACI) found.

Those surveyed listed legal and regulatory compliance, cyber security risk, and organizational culture as other key challenges.

"The audit committee’s job isn’t getting any easier, particularly given the uncertainty, volatility, and complexity of today’s business environment,” Jose R. Rodriguez, partner in charge and executive director of KPMG’s Audit Committee Institute, said. “These findings reinforce the practices and priorities that are essential for audit committees to keep pace, starting with having a solid understanding of the business and the critical risks it faces.”

More than 800 audit-committee members and leaders were surveyed in 42 countries.

Those surveyed mostly felt that their companies handle compliance issues, financial reporting and accounting issues well. Yet nearly 40 percent expressed that their committee would be more efficient if it understood the business and key risks more completely, especially pertaining to technology and cyber security. Many surveyed also felt that pressure for short-term results and the general culture and tone at the top of their organizations need more attention.

KPMG has offices worldwide, including in the Balkans.