A new research report published jointly by ACCA, Airmic, and PRMIA investigates risk cultures and their effects at organizations across sectors and regions. ‘Risk culture: building resilience and seizing opportunities’ is a three-part report based on a global survey of the perspectives of over 2,000 risk and finance professionals.
While over half of the respondents believe that risk cultures have been improving for the better post-pandemic, disruption has presented new challenges for risk and finance leaders. Tick-box approaches and short-sighted views of risk were reported by respondents as obstacles to embedding risk management into decision making and strategy.
‘Regulatory, compliance, and legal’ risks were ranked the top risk priority overall, with ‘technology, data and cybersecurity’ coming in second. Respondents considered ‘climate change and its social and economic implications’ more through a compliance lens, having ranked it second to last. In North America, ‘technology, data and cybersecurity’ risks came first.
A risk culture that serves as an early warning system for dealing with the breadth of threats is vital but not all respondents believed in their organization’s ability to achieve this, with the lowest levels of confidence seen in the public sector.