Risk in Review 2014

Re-evaluating how your company addresses risk

March 2014
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Risk in Review 2014: Re-evaluating how your company addresses risk

At a glance

PwC conducted its third annual risk survey in the fall of 2013, polling 1,940 executives across 37 countries to seek a detailed picture of the state of risk in today’s business climate. Respondents brought perspectives from five broad organizational sectors: financial services; healthcare; consumer and industrial products and services (CIPS); technology, information, communications, and entertainment (TICE); and government and the public sector. This study presents key findings and insights from that survey, as well as from a series of related, in-depth executive interviews.

In our annual Risk in Review Survey we asked executives about their concerns in today's complex risk climate including:

  • Which internal and external drivers of change they expect will have the biggest impact on their companies over the next 18 months?
  • How are they rethinking risk strategies to meet those challenges?
  • What capability gaps may be impacting their risk management strategies and what they are doing to close the gaps?

While most of the survey respondents reported that they are confident about the progress they have made in improving their risk management efforts, and are more satisfied with their level of risk management competency than they were last year, the figures show that improving risk management is a corporate priority.

The paper addresses the three key areas that the majority of executives felt will dramatically impact their companies which are 1. Technological change and IT related risks, 2. Rapidly changing customer needs and 3. Increased regulatory complexity. We explore these drivers of change and how companies are reacting to them, the gaps in risk management capabilities that are opening up as a result and the ways in which companies are leveraging processes and systems to keep up with ever changing demands. Based on these findings we have identified three levels of risk management maturity and the key imperatives these companies need to address successfully in order to move up to the next level.

We encourage you to download the paper to read the full report to determine where your company falls on the risk maturity curve and how you can implement strategies to assist your company to become a risk leader.