The Risk Agenda for Assurance Functions 2026

Today’s risks are changing quickly and becoming more interconnected than ever before. Big shifts like artificial intelligence (AI), climate change, and global instability are reshaping where and how value is created. PwC’s Value in Motion study shows that to stay ahead, organisations must rethink how they operate, grow, and use energy. The stakes are high: AI has the potential to boost global growth significantly, while unmanaged climate risks could hold it back.

Internal Audit has a vital role to play in this environment: helping organisations to adapt with confidence. By offering independent insight and forward-looking assurance, IA enables smarter, safer decisions during times of change.

Explore our sector-specific publications

We have created a series of publications, tailored for the following sectors:

• Banking and Capital Markets
• Insurance and Asset & Wealth Management
• Commercial and Government

These publications are designed to give risk and assurance leaders a clear view of the macroeconomic, regulatory and emerging risk landscape. They are intended to spark discussion and help assurance functions shape their 2025/26 plans with confidence. Each resource offers practical insights for board members, Chief Audit Executives, senior leaders and assurance professionals, helping them navigate complexity, enhance oversight and prepare for the future.

Our publications cover the following key areas:

• Macro risk landscape: Our latest view on geopolitical uncertainty and the UK economic outlook, providing context as assurance functions shape their strategy and priorities.
• Regulatory landscape: This covers the UK’s Financial Services Strategy, the Leeds Reforms, and the FCA’s and PRA’s priorities for 2025/26.
• Risk hot spots: We have curated a selection of emerging and evolving risk hot spots that are shaping boardroom discussions. These are areas that assurance functions should be mindful of when setting priorities for the year ahead.
• Internal audit practices and capabilities: This section outlines what is front of mind for Chief Audit Executives, and we provide our perspective on the Internal Audit profession. It includes the implementation of the IIA’s Global Internal Audit Standards and the CIIA’s UK Code of Practice for Internal Audit, both effective from 2025, as well as adoption of AI within the function.