No Match Found
LONDON, 6 April 2023 -- PwC’s bi-annual Global Crisis and Resilience Survey reveals organisations and business leaders overestimate their resilience despite operating in an age of disruption.
Data from 1,812 respondents worldwide provides insights into how business leaders are preparing for – and responding to – this new world. When asked where resilience falls on the list of corporate priorities, nine in ten (89%) respondents said resilience is one of their most important strategic organisational priorities – indicating organisations are creating a resilience revolution.
After a tumultuous start to the decade, it is unsurprising that nine out of ten (91%) organisations report that they have experienced at least one disruption other than the Covid-19 pandemic. On average, organisations experienced three-and-half disruptions in the last two years. Three-quarters (76%) said their most serious disruption had a medium-to-high impact on operations – disrupting critical business processes and services and causing downstream financial and reputational issues.
The top five reported disruptions include: the global Covid-19 pandemic, employee retention and recruitment, supply chain, technology disruption or failure, and cyber attack. Excluding the pandemic, supply chain disruptions had the greatest impact on organisations – monetary or otherwise – and they have doubled since 2019, according to the report. More than half (60%) of organisations whose most serious disruption was supply chain related, were most concerned about experiencing a similar disruption again.
David Stainback, Co-leader of PwC’s Global Centre for Crisis and Resilience, PwC US, said:
“Business leaders face an unprecedented level of disruption and uncertainty in today’s rapidly changing environment. Organisations are contending with external macro forces and internal business transformations, and it is against this backdrop that resilience has become one of the most vital strategic priorities in the corporate world.”
While 70% of business leaders express confidence in their ability to recover from various disruptions, the survey data shows that many organisations lack the foundational elements of resilience they need to be successful. This confidence gap puts organisations at risk of being exposed – particularly when the disruption spotlight is solely on them – as opposed to broader global or sector challenges.
The survey data revealed three significant trends driving, what PwC has called, a resilience revolution:
Those who have moved to an integrated resilience programme are significantly further ahead in many of the core elements of OpRes, including risk and threat assessment processes, exercising and testing, and service and process dependency mapping, enabling companies to build a robust corporate immune system where an organisation can adapt, flex, and move forward stronger.
Bobbie Ramsden-Knowles, Co-leader of PwC’s Global Centre for Crisis and Resilience, PwC UK, said:
“The ability to adapt and respond to disruption is vital to maintaining trust built with stakeholders and protecting shareholder value and reputation – all at a time when the expectations for resilience of businesses and government have never been higher. To build a trusted and agile organisation, it is vital that business leaders invest in resilience across functions and people, and focus on an integrated approach, supported by technology to enable a panoramic view of their risk and resilience landscape.”
To learn more about the latest findings, download the full PwC Global Crisis and Resilience Survey 2023 at www.pwc.com/crisis-resilience
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Notes to editors:
The research: About PwC's 2023 Global Crisis and Resilience Survey: Between September and November 2022, 1,812 business leaders across many business sectors representing 42 countries and various industries shared their observations. It is PwC's third study analysing corporate crisis and resilience data. Respondents: 41% identified as C-Suite while 58% identified as non-C-Suite.
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