Companies everywhere are rethinking risk management in the light of new market realities, according to PwC’s 2011 global risk survey, which also breaks down results by region.
When global trade, financial markets, and supply chains are inextricably linked in a landscape of complexity and uncertainty, risks can come swiftly and unexpectedly—with significant potential impacts on companies’ operations, reputations, and even survival.
In response, forward-looking companies are continuing to shift their risk management focus in fundamental strategic ways, incorporating and integrating a risk-aware, top-down culture across departments and functions.
That’s one of the results of our survey of more than 1,000 executives and risk management leaders with businesses worldwide, carried out in November 2011—supplemented by in-depth personal interviews with top executives from a range of organizations.
Other key findings:
With high unemployment, rising financial insecurity, and escalating social problems across many of the world’s markets, nearly 60% of executives see regulatory risk as a major threat to their business in the year ahead. And there’s significant work to be done: fewer than half of respondents feel that the role of internal audit fits well with the broader risk management efforts of the organization.
Download the study for our complete findings and analysis.