Risk in review 2017: Canadian insights
— Kishan Dial, Partner, Risk Assurance Services
Compared to their global counterparts, Canadian companies say they’re more liable to undergo disruption in a variety of business areas while being less successful at dealing with these disruptions.
Part of the issue here is that in most areas, Canadian organizations manage risks from the second or third line.
Defining a risk appetite involves understanding and substantiating the amount of risk you’re willing to endure for various types of transactions or business deals.
Research indicates that when management (first line) is more aware of what the risks are, what their company risk appetite is and what they can do to manage risk, their decision making is faster.
By assigning the management of the right risks in the right places and providing each line of defence with the information and resources it needs, organizations will lay the foundation for a strong risk management program.
This approach creates the agility needed to rapidly respond to risk and disruption and, ultimately, to get ahead of risk. Canada has fallen behind in risk management, but the good news is the means exist for organizations to manage risk more effectively and produce a more agile company.
Download the PDF
Risk in review: Canadian insights
Partner and National Leader, Risk Assurance Services
Tel: +1 416 947 8966
Partner, Risk Assurance Services
Tel: +1 416 687 8525