Manage increasing risks, top down

Canadian CEOs recognize that risks to business are increasing

76% of Canadian CEOs see more threats facing their business than at any other time in the last three years


92% of Canadian CEOs believe they need to do more to measure and communicate key risks

Key risks is the #1 area in which Canadian CEOs say they need to do more
 

Source: PwC's 19th Annual Global CEO Survey

 
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"When we think about risks there is an entire landscape or spectrum to deal with... social responsibility, environmental, compliance, technological, even geographic related risks that could exist depending upon their operations."

Jennifer Johnson, Partner and National Leader, Risk Assurance Services


The increasing risk landscape

Today risks aren’t only financial. They span a wide spectrum, and they could also be related to regulatory environment, tax, social or corporate responsibility, compliance, technology including cyber threats, disrupters entering the marketplace or even geography. And Canadian CEOs overwhelmingly recognize this. We’re finding that leaders are truly trying to understand these risks that come not only from within their organization but also from the broader landscape and third party business associates. But they’re often dealing with these risks from the bottom up and not tying them to business objectives.

Risk strategy and reporting

To deal with these risks strategically, it’s critical that change come from top down and leaders tie these risks to their business objectives. This leads to a more powerful conversation at the board and C-suite level and then cascades down throughout the organization, so that all employees understand the risk strategy and work towards the same thing. This leads to managing key risks more effectively.

Once risk measurement is tied to business objectives, leaders should focus on risk reporting and communicating risk-related information more clearly—even visually—to key stakeholders.


Contact us

Jennifer Johnson

Partner and National Leader,
Risk Assurance Services, Toronto
Tel: +1 416 947 8966
Email

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